Case Study
Gallery Place, developed and financed by principals of Castle Rock while at other firms, was the first and largest tax increment financing (TIF) project completed in the District of Columbia. Since its opening in 2003, this $300 million mixed-use property has attracted retail tenants such as Ann Taylor Loft, City Sports, Urban Outfitters, Bed Bath & Beyond, Regal Cinemas, Benetton, BB&T, Lucky Strike, and Clyde’s Restaurant in addition to others. In addition to 220,000 SF of entertainment and retail space, Gallery Place features 200,000 SF of office space, 192 residential condominium units, and a 4-level, 750 space underground parking structure. The 1 million SF project sits of 2.3 acres of land and is attached to the 20,000 seat Verizon Center, home of the Washington Wizards (NBA), Capitals (NHL), Mystics (WNBA), and Georgetown Hoyas (NCAA). Gallery Place has served as a catalyst in revitalizing an area decimated by riots in the late 1960’s into Washington’s “new” 24/7 downtown core. Since its groundbreaking, over 5,000 residential units have been built and another 3,000 are under construction. New office buildings have been developed on unused or underutilized sites throughout the neighborhood, in a city with the lowest vacancy rate of any nationally. This public/private partnership, including approximately $82 million in TIF and other assistance, is widely recognized as one of the most successful such projects nationally, and was the recipient of numerous design and development awards. |
