City Selects New Advisor for Poplar Point
It's been six months since Clark Realty pulled out of the Poplar Point project—the massive development that was supposed make Ward 8 "a destination point for people in the metropolitan area," as fervent local activist Philip Pannell put it.
And it's been roughly the same amount of time since D.C. United started eyeing locations outside Poplar Point for its new stadium.
People needed some time cool off, understandably.
And there hasn't been much in the news about Poplar Point since then. But perhaps the project's starting to pick up steam again.
Today, the Washington Business Journal reports that another Anacostia developer, Forest City, has been selected to advise the city on Poplar Point's "master planning, entitlements, financial feasibility, phasing strategies, infrastructure financing and disposition of the project,” according to a press release put out by Forest City Enterprises, Inc.
Forest City's The Yards sits on the western bank of the Anacostia, in the Capitol Riverfront neighborhood, where work is slooooowwwwwly progressing. In late May, the city held a formal groundbreaking for the 5.4 acre Park at the Yards.
Forest City was once interested in developing Poplar Point itself, according to the Business Journal. Now, it's losing its shot:
But signing on as a consultant to the project means the company won’t be in the mix to the develop the property down the road. “Forest City will have no ownership interest in the Poplar Point project,” according to the release...
Ratner said the company was looking to capitalize on current conditions to “to assist public and private stakeholders — including governments, land owners, lenders and other sponsors — with high-potential projects that have stalled or face other challenges related to economic and market difficulties. In response to this growing opportunity, we have created a multidisciplinary asset management and third-party services team that will focus on meeting the specialized needs of these stakeholders and projects.”