Development Near Nationals Park Slowed Due To Economy
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Planned Developments Around Nationals Park
Being Postponed For Lack Of Tenants |
The struggling economy and the "collapse of the credit markets have halted the much-anticipated development of retail, restaurants and other projects in the area" near Nationals Park, according to Tim Lemke in a front-page piece for the WASHINGTON TIMES. Financing for many of the projects in the "so-called 'Ballpark District' has become difficult to obtain, and those buildings already under construction are likely to open without tenants." Capitol Riverfront Business Improvement District Exec Dir Michael Stevens: "Until you're getting your office building 70[%] leased up, you're not moving forward." Lemke noted obtaining those leases has become "more difficult as the economy slows." Existing buildings in the area, "including Lerner Enterprises' 20 M St., largely have sat empty since their construction," while other projects, such as "Monument Realty's 55 M St., will be erected without many tenants in place." While the "struggles of office developers may not directly impact baseball fans," the lack of new business in the area has "slowed the development of the retail and restaurants that fans are eager to visit on game days" (WASHINGTON TIMES, 10/29).
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