Many worried about the historic O Street Market may rest a little easier with the news that the city will kick in on the $260 million redevelopment project being led by Roadside Development.
Mayor Adrian M. Fenty announced a $35 million tax increment financing package for the project yesterday in the legendary Shaw neighborhood.
The plans are huge. The CityMarket at O project, as it's known, will include 630 units of housing, 80 of which will be affordable senior units; a hotel; a parking garage; and 87,000 square feet of retail space. That would include a new, larger Giant grocery store to replace the nearly 30-year-old one currently operating on the site.
What's also promised is 400 construction jobs and almost 400 permanent jobs. Under the funding agreement, more than half of those jobs are supposed to be offered to District residents.
The deal is pending approval by the District Council. Once approved, according to the Fenty administration, ground would be broken in fall 2009, and the project completed by 2011.