reeves center community meeting presentation (dec. 17, 2013)

Elevating the Quality of Life in the District

Reeves Center Disposition Meeting December 17th, 2013

INTRODUCTIONS AND PURPOSE OF THE MEETING


Introductions Overview of the DC United Stadium Transaction

Update on the District’s proposed swap of the Frank D. Reeves Municipal

Center Status of the Reeves Re-Development Project timeline Next Steps

Q & A



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DC UNITED STADIUM TRANSACTION

The District would act as a horizontal developer and assume the cost of land acquisition and infrastructure (approximately $150 million)

DC United would construct the stadium (approximately $150 million).

Sales Tax abatement (on stadium related revenues, such as ticket sales, food and beverage sales, merchandise sales, etc.)

Above a certain annual revenue threshold, the District would participate in revenues to offset sales tax abatement

The District would acquire the Soccer Stadium site primarily through land swaps, including the Reeves Center site and other sites.



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CBE/Workforce Provisions

50% of all development related contracts (i.e. design, construction, etc.) to go to CBE businesses with 35% to small and 20% to disadvantaged business enterprises.

51% of Stadium jobs (ticket takers, guest services, ushers,

food service, etc.) would go to District residents

35% of all stadium operation contracts (i.e. janitorial, food service, security, etc.) to go to CBE businesses.



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Timeline Council Package to Council - December 2013

District delivers Buzzard Point site to DC United –

March 2015 Stadium completed – 2016

REEVES CENTER SWAP Elevating the Quality of Life in the District


Reeves has done an admirable job of anchoring the U Street neighborhood and leading its revitalization, but it is no longer needed to serve that role

Due to its design, the building does not maximize the available

space, which is an inefficient use of the land.

Not only is the building configuration inefficient, the building itself is aging, relatively inefficient and expensive to maintain and has a substantial level of deferred maintenance.

REEVES CENTER SWAP Elevating the Quality of Life in the District


By putting Reeves in the private market, the value of that unused land will be recognized and the full value of the land and the development on it will be returned to the tax rolls

We expect the “New Reeves” to contribute the MLK/Good Hope Road neighborhood as an economic development anchor the way Reeves contributed to U Street

REEVES CENTER PROJECT TIMELINE Elevating the Quality of Life in the District

DGS Conducts Relocation Planning – Beginning December 2013

Close on Buzzard Point/Reeves Swap – Early to mid-2014

• The Swap Transaction Provides a Lease Back for Three (3) Years

DGS Selects New Reeves Developer – Late 2014

New Reeves Completed/Occupied - Late 2016

Reeves Site Delivered to Akridge – Late 2016




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Akridge’s intention is to build a class-A mixed-use project that complements and supports the existing neighborhood. It will likely include a significant retail and multifamily component, although other uses will also be explored as the project proceeds to the development stage.

REEVES REDEVELOPMENT



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Analyze current Reeves tenants that would move to “New Reeves”

Analyze current Reeves tenants that would not move to “New

Reeves” based on the services provided and the populations served.

Analyze tenants currently in leased space that would move to

”New Reeves”

Identify new space for current Reeves tenants that would not move to “New Reeves”

REEVES TENANTS



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NEXT STEPS



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Any additional questions and/comment can be sent to

[email protected] Website: dgs.dc.gov

reeves center community meeting presentation (dec. 17, 2013)

Real Estate