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Wednesday, December 03, 2008

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DC USA

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DC USA is a 546,000 square feet shopping and entertainment complex that is under construction in the heart of Columbia Heights. With major retailers like Target, Best Buy, Washington Sports Club, and Bed Bath and Beyond, DC USA will become the one-stop shopping destination for all of Washington, DC.

Information

Location:	14th St NW and Park Road NW
	Washington, DC 20010
Developers:	Grid Properties
	Gotham Organization
	Development Corporation of Columbia Heights
	National Capital Revitalization Corporation
Leasing Agent:	Newmark Knight Frank
Architect:	Bower Lewis Thrower Architects
Project Cost:	$140 Million
Completion Date:	2008
Total Retail Space:	546,000 sq. ft.

Retailers

The following is a list of anticipated tenants for the DC USA shopping complex (Source: Development Corporation of Columbia Heights).

Commited Tenants
Target Best Buy Bed Bath & Beyond Washington Sports Club Modell's Staples Marshalls (Added 8/14/2006)

Tenants with Pending Leases
Whole Foods Vitamin Shoppe Payless Quizno's Maggie Moo's Lane Bryant Radio Shack Caribou Coffee (Added 8/14/2006)	Children's Place McDonald's Mattress Discounters Panda Express Desi's Chicken

Many residents have expressed interest in bringing Whole Foods Market to the DC USA retail complex. Whole Foods Market and DC USA developers are still under negotiation. There are a few major hurdles. We have set up a special Whole Foods Market section to provide you the latest information on this situation and let you know what we can do as a community to make it happen.

Updates

February 2006

"...Modell's and Staples have struck agreements with New York-based Grid Properties and the Gotham Organization, according to sources close to the deals...Citibank is giving the project an $89 million construction loan, according to NCRC...NCRC will finance $47 million for three levels of underground parking by issuing tax-exempt bonds to Citibank Community Development Bank. NCRC started issuing the bonds last month. The bonds will be repaid with $4.9 million in parking revenue and $42 million in tax increment financing, which uses some of the taxes generated by new development to pay off bonds...DC USA has 15,000 square feet of first-floor space reserved for minority businesses, and 14 businesses have applied for it, including franchise owners for Maggie Moo's Ice Cream and Treatery and Quizno's."

Source: Washington Business Journal "Big retailers sign on for Columbia Heights revamp" (Reprint from MSNBC)

More Reading: Columbia Heights News "DC USA Update", GlobalSt.com "$89M Financing Package Paves Way for Retail Project"

December 20, 2005

"The closing date for the construction loan. Eighty percent of the DC USA retail space must be claimed in order to break ground. 'Closing has started, with tenants under lease at an amount sufficient for the lender to proceed,' says Robert Moore, president of the Development Corporation of Columbia Heights. City sources say ground will be broken sometime in the coming months."

Source: Washington City Paper - "Target Practice" by Brian Beutler

November 2005

Site preparation has been completed by National Capital Revitalization Corporation (NCRC). The site will be transferred to DC USA Operation Company, LLC. Construction is expected to begin in spring 2006 and completed sometime in 2008.

Source: NCRC