No bidders for Fort Totten metro development

The Washington Business Journal brings us news that there were no submissions to WMATA’s solicitation for joint development at Fort Totten metro station.  The solicitation to develop the large park-and-ride lot went out in November 2013.  Submissions were due March 7, 2014.  Stan Wall, WMATA’s director of real estate and station planning, presented on the project at an ANC meeting in January 2014.  From the WBJ article:

There were no submissions for Fort Totten. At that site, Metro offered a relatively small parcel and required the replacement of roughly 400 commuter parking spaces. The cost of the project would be more than the value of any new development, Wall said, but he expects interest to grow over time.
“It’s not quite ready but I think it’ll be back in a year or two,” he said of Fort Totten.

Essentially, the cost of replacing the 400 or so parking spaces alone is a pretty high financial barrier to development of the property right now.  In addition, potential developers were wary about the two developments already in the pipeline, Fort Totten Square (which will bring 345 apartments to the area) and Art Place at Fort Totten (which is estimated to bring close to 900 apartments).  Once Fort Totten Square is completed in spring 2015 and Art Place is further along, developers will be able to see more clearly the level of investment in the area.

It is not clear if any of this will impact DDOT’s accessibility project around the metro station.  While DDOT is coordinating with WMATA because some of the potential changes will affect WMATA’s property, DDOT’s project is completely separate from WMATA’s solicitation for joint development of the large parking lot.

 

 

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