The D.C Council voted in unanimous support of a TIF bond to fund up to $47 million in public infrastructure for a 1.9 million-square-foot mixed-use Rhode Island Avenue project in Ward 5.
The vote hands a victory to developer Bethesda-based MidCity Financial Corp., which has been working for years to drive the mixed-use project forward.
Jamie Weinbaum, executive vice president of MidCity, told me Tuesday the vote was an “important milestone” and that the approval will line up funding for the water and sewer lines, new streetscapes and an updated street grid and a 3.5-acre park for the Brentwood project. MidCity also said the TIF funding will allow the project to move forward as designed, preserving 373 project-based Section 8 units.
The project calls for approximately 1,800 homes, both rental and for sale, in a mix of unit sizes. It is expected to generate more than $500 million in new tax revenue.
“It’s definitely a stamp of approval,” Weinbaum said. “Having the mayor and the full council,…Read the full story from the Washington Business Journal.