Bowser Proposes Giving $24M TIF To MRP For Edgewood Development
DC's largest residential development in years, MRP Realty's 1.7M SF redevelopment of the Rhode Island Center in Edgewood—newly branded as Bryant Street—will likely be receiving taxpayer support.
Mayor Muriel Bowser has proposed $24M in tax-increment financing to help with infrastructure improvements, the Washington Business Journal reports.
The TIF—one of the largest the District has offered—still must be approved by the City Council before the city can issue the bonds.
The package will help MRP break ground on the project's first phase, which would include 480 apartments and 65k SF of retail. At full build-out, the project will have 1,450 residential units, 300k SF of retail, including a nine-screen high-end theater and possibly an Alamo Drafthouse.
The District last month agreed to a similar TIF for Rappaport and WC Smith's Skyland Town Center, totaling $18.8M. [WBJ]
