Archive for the ‘News’ Category

Lawsuit Delays New Hotel in Washington, D.C.

A lawsuit filed against Washington, D.C., has delayed plans for a much-anticipated Marriott Marquis hotel, according to The Washington Post. Five months ago, Mayor Adrian Fenty (D-District of Columbia) signed legislation authorizing construction of the 14-story, $550 million hotel on the corner across from the Walter E. Washington Convention Center. To be built with public and private financing, the hotel would

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Maryland Uses Federal Program to Finance Affordable Housing

Maryland is tapping into a new federal program to offer $92 million in low-interest financing for affordable housing this year, according to The Baltimore Sun. The funds reportedly should allow developers to build or renovate 1,000 rental units for lower-income Maryland residents. Because traditional sources of funding—such as mortgages and tax credits—have decreased dramatically, the financing program is meant to prevent

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Prince George’s County Identifies Biotech Sites

Maryland’s Prince George’s County planning consultants have announced three possible locations for the county’s biotech complex, which is expected to include two to four new buildings with high-quality laboratories, according to theWashington Business Journal. County economic development leaders are in talks with at least one developer regarding the plan. Publicly owned lots near M Square Research Park are the top

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SBA Loans in Washington, D.C., Area Plummeted During 2009

Small Business Administration (SBA) loans to businesses in the Washington, D.C., area fell 48 percent to 459 loans during the 2009 fiscal year, which ended Sept. 30, according to the Washington Business Journal. SBA-backed lending was down 71 percent compared with fiscal 2007 levels. During the past year, $132.6 million was loaned to local businesses through the SBA, which is 36

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