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It's more than 100 pages of high finance and headache-inducing legalese, but nonetheless I've gotten my hands on the "Preliminary Official Statement" for what is expected to be a $29 million PILOT bond sale to fund a series of infrastructure improvements for future phases of the Capper/Carrollsburg redevelopment. (This is the document written for investors to help them decide whether or not to purchase the bonds.) If you want to know all about how these bonds are being structured (with monies from the Downtown TIF playing a part), this is the document for you. It also has some good background on the Capper project if you're just catching up.
But it also has a few tidbits on the current and projected path of some upcoming parts of the overall project, starting on page 19. Here are the items that are probably of most interest, with the usual caveats that no timeline is written in stone anymore:
* Financing for the second phase of Capitol Quarter is being negotiated and is expected to close in mid-2010. Development work would then begin in August, and vertical construction in November. (Phase 2 covers the blocks between Third and Fourth and I and M, and will contain 116 new for-sale townhouses and 47 public housing rental units.)
* All but five of the 121 CQ phase 1 townhouses have sold, and two of those are being held back as model units.
* Financing is "being negotiated" for the planned apartment building on the northern half of Square 882, the site that's been the subject of my recent posts on the Marines coveting the site as well. That financing is expected to close in late 2010 according to this document, with an expected completion date of the apartment building in April 2012.
This $29M bond sale is not the last one for Capper infrastructure; the city council approved a total of $55 million in bond funding back in 2006, and the document says that the city "expects" another bond issuance for the rest of the money, "though the timing of such issuance is currently uncertain" (page 10).
As for what exactly the monies will be funding, the document lays out the following (page 22), though this is for the entire $55 million, so it can't be said that this current $29 million offering will cover all this (which will bum out the people who see the phase "community center"). Some of this work would also happen on the streets surrounding Canal Park:
* Repairing and replacing underground water and utility lines;
* Repairing streets and streetscapes and adding landscaping;
* Demolishing the DPW building (and smoke stack!) at 900 New Jersey, relocating DPW's operations, environmental site remediations (remember, that site was operating as a trash transfer site as far back as 1905);
* Building I Street through to New Jersey Avenue; and
* Constructing the new community center at Fifth and K.
It's expected that the bonds will be "priced" this week, with the sale closing by the end of the month.
I hear rumors that DPW could be out of their site by next spring, as the search continues for a new home for their operations (and maybe is getting close to a resolution).
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incognito says: (3/22/10 3:45 PM)
It is subtle and wonky, but the canalparkdc.org website now has on their homepage the three dimensional model of the park as released by Studios architecture in their drawings. Uncertain how long ago this change was made but I do think it looks great. Now we just have to continue pushing for construction to begin asap and no later than the advertised September 2010.


bt says: (3/22/10 3:54 PM)
47 public housing rental units???? WHY? Aren't there enough? Are we encouraging people to be losers? I want to do nothing and live in a brand new housing community!! where do i sign up? what are the qualifications?


JD says: (3/22/10 3:58 PM)
The public housing component is the only reason why Capitol Quarter is being built in the first place. The entire redevelopment got a Hope VI grant from HUD to replace 700 units of public housing in a new development with the same 700 units plus another 800 market-rate units. 300 of the units were already built in Capper Seniors #1 and 400 M. The rest will be in the Capitol Quarter townhouses and in the 5 mixed-income apartment buildings.



Michael says: (3/22/10 4:25 PM)
Canal Park... little surprise that the Web site's link to the building schedule it broken )


Kenny says: (3/23/10 11:18 AM)
Isn't I Street already built to New Jersey Avenue? Or is my memory already failing me...


JD says: (3/23/10 11:19 AM)
Not from the east. I stops at Second/Canal, then starts again at New Jersey.

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