DISTRICT UNANIMOUSLY APPROVES LAND DISPOSITION RESOLUTION FOR SOUTHWEST WATERFRONT
PN Hoffman
December 16, 2008

Approval of Land Disposition Resolution allows for Southwest Waterfront project to officially begin

Washington, DC – The “Southwest Waterfront Disposition Third Revised Disposition Emergency Approval Resolution” was unanimously approved this evening by the District of Columbia Council. The Resolution officially kicks-off the long awaited revitalization of the Southwest Waterfront by the Developer Hoffman-Struever for a $1.5 billion mixed-use waterfront project along the Washington Channel in SW Washington DC.

The Resolution was made possible through the cooperative efforts of many parties but in particular the leadership of Councilmembers Tommy Wells, Kwame Brown and Jack Evans, and the Chairman Vincent Gray, working together with Deputy Mayor Neil Albert and the Developer led by Monty Hoffman. This legislation will ensure this transformational project moves forward while ensuring the benefits such as affordable housing and CBE participation described in the executed Land Disposition Agreement signed on behalf of the City on September 30, 2008.

Today’s unanimous approval of the Resolution, the signing of the LDA in September, and District Council’s unanimous approval of $198 million in public financing earlier this year are all critical milestones in moving the Southwest Waterfront project forward to commence entitlements and design in early 2009.

As master developer, Hoffman-Struever will lead the transformation and development of over 26-acres of land and 25 acres of marina area into a world-class mixed-use waterfront destination which will include acres of public parks, plazas and open green space. When complete, the project will reconnect the District and its citizens to the underutilized waterfront and a great natural resource. The project will also link the revitalized M Street corridor and Baseball District through the Southwest Waterfront to the Mall and to the millions of annual local, regional and international visitors.

Leading the District’s team is Deputy Mayor Neil Albert, assisted by Nina Albert (Project Manager) and Susan Longstreet (Deputy Attorney General). The master development team is led by Monty Hoffman (CEO, PN Hoffman), Mark Dorigan (Executive Vice President, PN Hoffman), and Shawn Seaman (Vice President and Project Director, PN Hoffman).

“This project is a hugely important plan to bring new life to the District’s waterfronts and today’s approval marks a critical milestone in bringing those plans to reality,” said Neil Albert “and our development partners, my staff and the leaders on the Council deserve a tremendous amount of credit for getting us to this point.”

The Council effort was lead by At-Large Councilmember Kwame Brown, Chair of the Committee on Economic Development. “My priorities were to work cooperatively to move the project forward but to also preserve the community’s vision for the waterfront. That included protecting affordable housing and providing responsible oversight of the project. This is a major win for District residents whose voices have been heard. Chairman Gray and Councilmember Wells played critical roles throughout this week’s discussions and this would not have happened without them.”

“We appreciate the efforts of Council Member Brown, Deputy Mayor, Neil Albert, and the Hoffman Struever team, who worked through the weekend to find common ground on a resolution to ensure that all of the intended benefits are delivered to District residents, and provides the needed certainty for successful development plans of the Southwest Waterfront” said Monty Hoffman, CEO of PN Hoffman. “For over two years, we have worked closely with the Deputy Mayor’s office, District Council, existing lease holders, neighbors, as well as regulatory agencies to create plans for a world class waterfront that provides affordable housing, true CBE participation, and varied retail, office, residential, cultural, hospitality and marina attractions. This very important project will be a landmark for our region and carries enormous responsibility. Our collective concern for the success of this project is very real and we are pleased that all sides have come together. We can now focus on the matter at hand – moving this vision forward.

About Southwest Waterfront
The Hoffman-Struever team aims to create a vibrant mixed-use urban riverfront, showcasing distinctive cultural destinations, increasing public access to the City’s historic waterfront while building upon the existing, strong waterfront community. It features the following components:

• Housing – approximately 770 residential units with 30% being affordable housing.
• Cultural – a Maritime Center showcasing the region’s maritime history through a variety of educational, entertainment, and cultural exhibits
• Hotel – Three new hotels
• Office – Significant Class A commercial office space
• Neighborhood amenities – neighborhood-serving retail such as a gourmet grocery, casual and upscale dining, cafes, jazz venues, shops and opportunities for local, small retailers
• Parks – Acres of quality public parks, open space, and waterfront promenades throughout the project
• Water-focused development – significant improvements to the existing marina and pier facilities, water taxis and public piers
• Sustainable Design – the first LEED-Silver certified mixed-use project in the city and a LEED-ND Pilot Project
• Significant Certified Business Enterprises (CBE) – participation in all aspects of the project, including ownership and development

Hoffman-Struever Waterfront, LLC
In addition to PN Hoffman and Struever Bros. Eccles & Rouse, the team includes McCormack Baron Salazar, the nation’s premier mixed-income developer, and 20% ownership by four District-owned Certified Business Enterprise (CBE) firms, E.R. Bacon Development, Gotham Development, Paramount Development and Triden Development, as well as City Partners. In addition to the physical redevelopment HSW has made is a strong commitment to community benefits, primarily for Wards 5, 6, 7 and 8 including participation by CBE emerging businesses, jobs and apprenticeship opportunities for DC residents and 30% affordable housing.

FOR MORE INFORMATION:

Michelle Giannini
VP of Sales & Marketing
PN Hoffman
202.686.0010 x 228
mgiannini@pnhoffman.com