Since Walmart backed out in January, Gary Rappaport and Chris Smith have continuously expressed confidence that Skyland Town Center would still be built, and this week they got some good news.
Mayor Muriel Bowser's administration has agreed to an $18.75M financing package to help Rappaport and WC Smith develop Block 2 of the Ward 7 project, the Washington Business Journal reports. Brian Kenner, the deputy mayor for planning and economic development, worked on the deal, and will speak at Bisnow's Major Projects event on Sept. 29.
The DC Council will have to approve the package, which is less than half of what the District had proposed to support the 135k SF Walmart in Block 1, and it requires the developers to put up more equity.
Block 2 will have 260 residential units and 80k SF of retail. CVS, with a 10k SF location, is the only retailer signed on for the project. The developers are expected to go vertical in March. Block 2 remains on hold while Rappaport searches for Walmart's replacements. [WBJ]
)
)
)
)
)
)
)
)
)
)
)
)