The FBI is looking to trade rights to redevelop the J. Edgar Hoover Building in exchange for a new 2.1M consolidated HQ for its 11,000 employees, sending major developers into a bidding frenzy Tuesday, reports the NY Times. The financial prerequisites aren’t for the faint of heart, with a required minimum of $1B in liquid assets “not committed to other projects,” or a similar credit line. And if that’s not enough to weed out the big players, the nearly 10-year delayed return on investment should do the trick. The government isn’t handing over the downtown building until the new HQ's complete, and that could be in 2023. Five proposals will be selected to make a more detailed pitch for one of three sites announced in 2014 — in Greenbelt and Landover in MD, and Springfield, VA. GSA plans to announce a developer and site in 2016.
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