[RP TownTalk] M-Square developer trouble

[Alan K. Thompson]

Thanks for pointing this out, Roland.  The University gave an hour-long
presentation to the Town Council on September 8 about M Square development.


They mentioned issues with the NOAA building, but were a bit more optimistic
about it than the article you link to -- they anticipate that it will be
occupied in 2012 (admittedly a disappointing delay).  The University
representatives indicated, as the article did, that the problems are tied to
the ongoing issues with financial markets.

On the up side, they pointed out that the two other buildings on University
Research Court are almost fully leased, even the one that is not yet
complete (it's expected to be occupied in December).  Those two buildings
are estimated to provide the Town with at least $175,000 in property taxes
every year.  They also presented plans they have for more development in the
Riverdale Park section of M Square, including a state-of-the-art cancer
treatment center. The developer for these new buildings actually *has* lined
up financing, so the projects can go forward once they are approved.  While
I have some concerns about the impact of the development on Ward 2, which I
mention in my report in the upcoming (October) Town Crier, I think the
project as a whole is moving forward and in a good direction.  I'll be
working with the University and the rest of the Town Council to make sure
future M Square development improves the quality of life in Riverdale Park.

Alan Thompson
Ward 2 Town Council Representative

On Wed, Sep 23, 2009 at 6:22 PM, Roland Walker <walker at pobox.com> wrote:

> For those that are following the development of the M-Square office
> park, one of the developers is in financial trouble
>
> http://washington.bizjournals.com/washington/stories/2009/06/22/story1.html
>
> and it looks like the NOAA project is stalled.  Strange I hadn't heard
> about this before; maybe it was in the Town Crier and I missed it.
>
> R
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