Construction has begun on a project that will eventually create thousands of D.C. office jobs.

Mayor Adrian M. Fenty and officials from Forest City Washington and the General Services Administration recently announced that work has begun on The Park at The Yards, a 5.4-acre public waterfront park that will overlook the Anacostia River. The Park is a major part of The Yards project, which will include the development a 42-acre urban neighborhood.

When completed, The Yards will accommodate about 2,700 new condos and apartments; 400,000-square-feet of restaurants and shops; 1.8 million-square-feet of office space and the preservation of unique historical buildings already on the site. The Yards is expected to house more than 4,700 new residents. The project also will create 7,700 new jobs, most of them office jobs, which will generate about $450 million in yearly salaries.

“The Park at the Yards will be a beacon of the District’s revitalization efforts along the Anacostia River,” Fenty said in a press release. “From day one, my administration has made it a top priority to make sure this site becomes a great urban waterfront neighborhood that embraces its historic past and includes world-class public spaces for all residents and visitors alike. Forest City has been an excellent partner and they certainly have what it takes to get the job done.”

The $42 million project will include a riverfront promenade, open lawns for community gatherings and outdoor events, gardens with benches and plants, a riverfront courtyard enclosed on three sides by retail pavilions, a canal basin and waterfall, a pedestrian bridge and the restoration of the historic Lumber Shed building.

The project is being funded by proceeds from the U.S. Department of Transportation Building PILOT Bonds. Construction will be completed by Forest City Washington, which agreed to a Payment-in-Lieu-of-Taxes program to cover property taxes they would otherwise pay. The company will use revenue to finance almost $90 million in infrastructure, including work on roads, sewers and lights.

This entry was posted on Monday, June 1st, 2009 at 10:55 am and is filed under Jobs, Washington D.C., Office. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.