June 19, 2007

Deal At Capital City Market Close

The Story:
--- Under an emerging plan, Apollo Management will help finance and plan the redevelopment of the Capital City Market into a mixed-use project to be called “New Town.”
--- The DC Council last December approved legislation that allows for redevelopment of the market, which sits at the corner of Florida and New York avenues in Northeast, so long as more than half of the merchants agree.

View from the Bubble:
--- Because DC is such a small city and is contrained by the height limit, it must develop every square inch to maximize tax revenue to make it a viable city. So this development is good.
--- Yet it is unfortunate that interesting elements such as the market must be largely blotted out as a result.

Link: WashExam

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