The District of Columbia is continuing its development of the $2.5 billion 110-acre waterfront development project called Poplar Point after its partner, Clark Realty, pulled out of the project in late January, officials said.
The project is part of the $10 billion Anacostia Waterfront Initiative aimed at transforming land along the Anacostia River in a fashion similar to Baltimore’s Inner Harbor, and it will be partly financed by about $200 million of tax-exempt bonds.
Neil Albert, deputy mayor for planning and economic development, said that in an “extremely challenging economic environment” it was no longer practical for Clark to pursue the deal structure the district was seeking.
“Our top priority is to make sure we fulfill the requirements of the federal land transfer, which transfers ownership of this site from the federal government to the district,” he said in a release.
The district and the National Park Service are continuing an environmental impact study and all ongoing remediation studies.