Public-Private Partnership to Create Waterfront Park Is Part of District’s Largest Development Project

(Washington, DC) – Mayor Adrian M. Fenty today joined Forest City Washington and representatives of the General Services Administration (GSA) for a groundbreaking ceremony to begin construction on The Park at the Yards, a 5.4-acre world-class public waterfront park overlooking the Anacostia River. The park is a key component of The Yards project, which calls for the development of a dynamic urban neighborhood spanning 42-acres along the Anacostia Waterfront.

“The Park at the Yards will be a beacon of the District’s revitalization efforts along the Anacostia River,” said Mayor Fenty. “From day one, my Administration has made it a top priority to make sure this site becomes a great urban waterfront neighborhood that embraces its historic past and includes world-class public spaces for all residents and visitors alike. Forest City has been an excellent partner and they certainly have what it takes to get the job done.”

At a cost of $42 million, The Park at the Yards will include a riverfront promenade, vast open lawns for community gatherings and outdoor events, gardens with benches and colorful plants, a riverfront courtyard enclosed on three sides by retail pavilions, a canal basin and waterfall, a pedestrian bridge, and the restoration of the historic Lumber Shed building. The District’s Anacostia Riverwalk Trail will run through the park, providing vital pedestrian and bicycle links to the rest of the Anacostia waterfront.

The park will be funded out of the proceeds of the nearby US Department of Transportation Building PILOT Bonds, while Forest City Washington will be in charge of construction and dedicate the park to the District upon completion. The goal of the waterfront park project, designed by M. Paul Friedberg and Partners, is to rival other great urban waterfront parks around the world.

Located between Nationals Park and the Navy Yard, The Park at the Yards is part of the largest public-private project in the District in decades—The Yards. When completed, The Yards will also accommodate approximately 2,700 new condos and apartments, 400,000 square feet of restaurants and assorted shops, 1.8 million square feet of office space, and the preservation of unique historical buildings already located on the site. The Yards is projected to house more than 3,700 new residents and create 7,700 jobs – most of them office jobs – generating approximately $450 million in paychecks each year.

Long controlled by the federal government, the site was formerly called the Southeast Federal Center. It has been off the District tax rolls for decades because the District cannot tax federally-held land. But instead of taxing Forest City directly, the developer agreed to a Payment-in-Lieu-of-Taxes (PILOT) program that will capture the property taxes the developer would otherwise pay and use the revenue to finance almost $90 million in infrastructure, such as roads, sewers, and lights. For more information on various exciting development projects in the District, visit the Deputy Mayor for Planning and Economic Development website: dcbiz.dc.gov and the Development Blog at dcdevelopment.typepad.com.