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D.C. Council Weighs Tax Break to Boost Stalled Project Near Navy Yard
The D.C. Council is set to weigh a tax break that could help kickstart a delayed mixed-use project near the Washington Navy Yard.
Councilmember Charles Allen, D-Ward 6, recently introduced legislation to grant a tax abatement, with several conditions, to the developer of a vacant parcel at 1333 M St. SE, reported the Washington Business Journal.
The site, situated along the Anacostia River waterfront, has been unstarted for years despite several developers’ proposals to build mixed-use towers. In 2021, a joint venture of Felice Development Group and Fields Grade, a Hoboken, New Jersey-based developer, proposed the River’s Edge project. The plan called for more than 900 residential units across three towers as well as 45,000 square feet of plazas.
That project has yet to break ground amid the higher interest rates and construction costs. The proposed tax abatement would apply for 15 consecutive years beginning in 2028 and impact real property taxes levied above $150,000 per year. The developers would have to set aside 12% of the project’s units as affordable and include several amenities for the neighborhood to receive the tax break.
Photo: GTM Architects
