Tuesday, July 17, 2007

And the prediction was right! Marriott is building a hotel at Union Station!

Several months ago I was speaking to a client of mine about where I was intending to purchase in DC and I mentioned that I would most likely be purchasing in the area between Florida Ave NE and H St NE, East of Union Station. Wouldn't you know what DC released this past week. Marriott is building a hotel right on top of the train at Union Station.

According to DCMPED, the developer, Finvarb Group, based out of Florida, broke ground this past Friday on their new site for 218 rooms. The hotel is based in the NoMa area.

As a part of the development agreement negotiated by the District, 35 percent of the construction contracting must be done by businesses certified by the District’s Local, Small and Disadvantaged Business Enterprise (LSDBE) program and 51 percent of the new jobs must go to District residents. Additionally, the project financing includes a 20 percent equity stake from LSDBE investors.

The hotel will also be the first in the District’s emerging NoMA neighborhood, which lies between Union Station, the Florida Avenue Market, Eckington, Bloomingdale and Northwest One. The NoMA area is expected to produce more than 20 million square feet of new development, $500 million in new tax revenue and 36,000 jobs during the next 10 years.

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