Monday, January 14, 2008

Broadcast Center One Moves Forward, $23 Million Awarded to Development

This week marks a historic period for the Shaw neighborhood as the city council approved a $23 million budget for Radio One's new headquarters, Broadcast Center One. The former Wonderbread Factory, owned by Douglas Jemal, will soon be transformed into the entertainment district of the city. The approved plans call for 103,000 square feet of office space, 25,000 square feet of retail, 180 rental apartments and 195 underground parking spots. According to the Washington Business Journal " D.C. Mayor Adrian Fenty reached the deal with developers Four Points, Ellis Development Company and the Jarvis Company."

While the deal seems like nothing but an opportunity for the community, Radio One's profits for the third quarter of 2007 fell 40%, hardly a monument worth celebrating. So while the recent budget approval is great news, who knows if Radio One will be able to commit once the project is finished.

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