The D.C. government is selling off surplus real estate, hoping that private-sector renovation will lure residents, generate tax revenue, boost affordable housing stock and revitalize communities.
But it’s difficult to predict whether selling, leasing or, in many cases, simply giving away land and unused buildings will pay off until the projects are completed. That takes years. It sometimes doesn’t happen at all, reports Michael Neibauer in the Washington Business Journal.
Candidate for D.C. Council Chair Kwame Brown is quoted in the article as saying that increased development due to the dispositions is good, but that strict oversight is needed.
"A West End deal with Eastbanc, for example, was first awarded, sole source, three years ago and rammed through the legislative process," Neibauer writes. "But the deal was tossed in the wake of public outcry, rebid and awarded again to EastBanc — this time with consensus community support."
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