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Radio One in Talks With D.C. Officials Over Return to City
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The city is trying to revitalize the corridor by encouraging major private development over the next decade. Donatelli Development is currently building 156 condominiums and townhouses at the Georgia Avenue-Petworth Metro stop, and Howard University has plans for 322 apartments, a 24-hour grocery store and shops.
Broadcast Center One would include the Radio One offices, shops and 180 apartments. Radio One would also relocate its venture TV One, a cable/satellite television network that targets African American adults, to the site from its Silver Spring offices.
The developers would set aside 45 apartments, or 25 percent, for low-income residents and city employees, Cassell said. "If you were to take all the major initiatives of the city, this meets everything that the city is trying to do," Cassell said.
He said the city's $22 million investment would be offset by the benefits.
Young said she could not disclose whether the financing would come in the form of a tax abatement, bonds or other methods. "That's the part that we're negotiating," she said.
Originally, the city was offering the developers of the project -- Four Points, Ellis Development Group and the Jarvis Co. -- $10 million in public financing, Young said.
But rising construction costs and the city's request that the developer build parking for the nearby Howard Theater spurred the city to offer more money, she said.
Young added that the $12 million more helps reduce direct costs for Radio One and makes the leasing agreement comparable to the one the company has in Lanham.
