Yup. It finally happened.  

From the Washington Business Journal:

The D.C. Council unanimously approved a land deal for a $1.5 billion redevelopment of the Southwest waterfront Tuesday, conveying 16 acres of city property to a development team led by D.C.-based PN Hoffman and Baltimore-based Struever Bros. Eccles & Rouse on a furious last day of voting before the end of the year.

Though the developers face a tough financing environment, the project could bring 770 housing units, 700,000 square feet of offices, three hotels, 280,000 square feet of retail and 150,000 square feet of cultural attractions.

Meanwhile over at SWDC Blog, residents are already starting to compile wish lists of stores and businesses they’d like to see open as soon as possible in the area.

An artistic rendering of the Southwest Waterfront

In fall 2006, the city announced a deal with Hoffman-Struever Waterfront LLC that will allow the company to transform the Southwest Waterfront into a $1.5 billion “world-class mixed-use waterfront destination,” according to the Office of the Deputy Mayor for Planning and Economic Development. (For more project details, check below the jump.)

In October, the Washington Business Journal reported that developers wanted 16 acres of Southwest property. “A vote on the land deal is expected in November,” the newspaper stated. No such vote occurred, but now it looks like Councilmember Kwame Brown, chairman of the economic development committee, has decided to get moving with the bill (via yesterday’s Journal):

D.C. Council Chairman Vincent Gray jump-started the long-awaited land deal for the $1.5 billion Southwest waterfront project Tuesday, convincing the chairman of the economic development committee to take up legislation needed for the project.

Gray arranged a meeting between the chairman, Councilman Kwame Brown, D-at large, and Neil Albert, deputy mayor for planning and economic development, to discuss the project Tuesday evening. Councilman Tommy Wells, D-Ward 6, whose ward includes the Southwest waterfront, also attended.

Brown agreed to reconvene a long-delayed hearing on the legislation on Thursday. It will begin at 12:30 p.m. in the Wilson Building. A mark-up on the bill is scheduled for Friday, and the full council could consider the deal on the last day of voting this year, Dec. 16. Read More “Southwest Waterfront $1.5 Billion Development Moving Forward?” »