A critical land swap, the key to two major economic development projects would be forced forward under legislation being considered by the D.C. Council.
Ward 6 Council Member Sharon Ambrose, chair of the Economic Development Committee, has introduced a bill to mandate the immediate exchange of 34 valuable parcels along the Southwest Waterfront, currently held by the National Capital Revitalization Corp., for the 25-acre McMillan Reservoir site in Northeast, owned by the District. The swap is vital for the planned redevelopment of both the waterfront and the reservoir tracts, but legal and financial wrangling has stalled the months-long negotiations.
“The council has to step in and take this action,” Ambrose said.
“This is not the way we want to do it, but it seems to be the only way we can cut through.”
But in a statement, NCRC chairman W. Ronald Evans, chief of one wrangling agency, said his organization is alarmed by the legislation, because it eliminates compensation it contends is due to the corporation in addition to the McMillan site, including $25 million in cash and $24.5 million in smaller parcels. Evans said the NCRC will continue working for the transfer and “adequate compensation, keeping the initial spirit and terms of the approved deal intact.”
