Almost $2 million over five years, but no city-leased parking deck.
Lots of reaction from N&R readers–here’s what jumped out at me:
Greg Dillon, the Washington, D.C.-based principal investor in the project, said developers can afford to build the parking deck, but they won’t be able to move forward on the hotel without incentives.
Having the city invest in the parking deck would have lowered the developers’ risk, Dillon said.
“Without that investment, the risk has gone up substantially, and the cost has gone up substantially,” he said.
Hard to imagine how a $40 million hotel deal hinges on $2 million from the city.
