The GSA's Office of Inspector General thinks plans to swap the FBI's J. Edgar Hoover building in downtown DC for brand-new HQ could be too risky.

In a newly released audit, the IG points out that the GSA has never pulled off an exchange of this size; smaller efforts took years to do, even when working with private developers; and it could find itself running out of money. IG suggests that the government might be able to get a better deal on new construction, then sell the Hoover building separately, the Washington Business Journal reports.

GSA responded to the audit, acknowledging the challenges and saying it is monitoring the projects. The agency plans to issue an RFP to a short list of developers by the end of the year.

According to the proposal, the winning team will get the Hoover building in exchange for building a 2.5M SF replacement in either Greenbelt, Landover or Springfield. GSA also plans to seek federal funding to help with the new build, since the Hoover building's worth is probably not enough to cover all of it. [WBJ]