Monday, November 10, 2014

HOUSING COMPLEX | Report: D.C. Overpays by More Than $25 Million in Stadium Deal

Go HERE to read the full article by Aaron Wiener.


The District would overpay by more than $25 million in completing the land swaps planned as part of the deal to build a D.C. United soccer stadium at Buzzard Point, a report commissioned by the D.C. Council has found.

The deal involves trading the Frank D. Reeves Municipal Center to developer Akridge for land at Buzzard Point and acquiring nearby parcels there. But according to the report, the city would receive $11.2 million less than market value for the Reeves Center and would pay $19.4 million over market value for the various Buzzard Point properties. Below is the full breakdown:
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