Friday, June 15, 2007

Ward 5 Councilmember to announce major investment in Ward 5 Urban Renewal project

(I guess we know where CM Thomas stands on the matter)

From email:

Media Advisory: Ward 5 CM Thomas to Announce Major Investment Firm to Back New Town at Capital City Market at 10:00 am, June 19 Press Conference

At 10:00 am on June 19, 2007, Ward 5 Councilmember Harry Thomas, Jr. will make an announcement relating to the financing and planning of New Town at Capital City Market, a major economic development project proposed for the 24-acre wholesale/ public marketplace located in Northeast D.C. between Florida Avenue, 6th Street, Penn Street, and the railroad tracks.

Specifically, Councilmember Thomas will brief reporters and other interested parties on a newly formed joint venture agreement between Sang Oh Development LLC and a large investment firm to finance and plan the New Town project. Sang Oh Development LLC is a D.C. firm whose president and principal owner is Sang Oh Choi, a Capital City Market property owner and local businessman for more than 20 years.

The New Town plan has been embraced by Mayor Fenty and the D.C. City Council, which unanimously approved the "New Town at Capital City Market Revitalization Development and Public/Private Partnership Act" on December 5, 2006. The permanent legislation,
which became law on March 14, 2007, requires the Fenty Administration and the development team to prepare a "Final Conceptual Plan" and an "Agreement" for City Council review and approval later this year.

As set forth in the New Town law, the 3.4 million square foot development will include one of the city's largest-ever commitments of workforce housing, more than a mile of retail storefronts and restaurants, and amenities such as a YMCA and outdoor amphitheater.

New Town is projected to create more than 2,400 construction jobs with a payroll of $108 million, with job training, hiring, and contracting targeted toward D.C. residents and specifically Ward 5 residents. Project completion will bring thousands of permanent jobs to the area.

Where: John A. Wilson Building, 1350 Pennsylvania Avenue, NW, Room 123
When: Tuesday, June 19, 2007, 10:00 am

For more information, contact
Vicky Leonard-Chambers at 202-727-8204.

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