Shopping Centers Today

DEC 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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Page 69 of 99

WASHINGTON, D.C. In July 2001 the Washing- ton, D.C., Gallery Place TIF was organized to fund a mixed-use complex sur- rounding the Chinatown Metrorail stop, adjacent to MCI Center (now Capital One Arena). Thanks in part to an $80 million subsidy, the TIF was among the most successful of the district's then-fledgling TIF programs, and the $240 million Gallery Place project was born. Today the rail station, at Seventh and F streets, is the third-busiest in Washington, at a pace of some 22,000 trips daily at minimum, according to the city. The development, which includes 193 residential units and 200,000 square feet of offices, helped attract other landmark projects nearby, including Hines' 2.5 million- square-foot, mixed-use CityCenterDC. The TIF, which is more reliant on sales taxes than property taxes, was able to return about $15.2 million to the city above its debt payments after little more than a year. Gallery Place tenants include Loft, Lucky Strike, a Regal cinema and Urban Outfitters. INDIANAPOLIS Known simply as the downtown TIF, this highly productive Indianapolis tax district first gained momentum by helping to bankroll Simon's now 23-year-old, 800,000-square-foot Cir- cle Centre Mall. Launched in 1982 to jump-start the downtown's rebirth, this TIF has been expanded and extended several times, funding a Whole Foods–anchored residential skyscraper, some city infrastructure and several one-off projects. Circle Center of Indianapolis

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