K Street's revitalization takes a big step tonight.
The City Council is slated to approve the development agreement for a $47 million project that will bring 137 housing units, restaurants, boutique shops and a live music venue to the 700 block of the K Street Mall.
If all goes smoothly, the developer behind the project said he hopes to break ground by the end of the year - and finish by 2014.
"We think this project will be a huge catalyst for that area," developer Bay Miry told me.
The work will be funded in part with $13.7 million in redevelopment money that the developer will pay back to the city using revenue from the project. Millions more in federal grants and private cash are part of the financing plan.
An estimated 500 jobs will be created once the project is finished, and 300 to 400 more jobs are expected for the construction process, city officials said. Sales tax revenue from the development is estimated at $1.6 million annually.
Miry doesn't want to name most of the retailers he has lined up - it's still early in the process - but did say the same group that operates the Shady Lady bar in midtown will run a 500-person capacity music venue on the block. That venue will have a rooftop space, Miry said.
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