05 November 2005

there's an idea

but Billions... ?
The 13 acres of land that the city and other government agencies own around the site of the District's proposed baseball stadium should not be sold to developers, but instead leased to them for 99 years. Many large developments are built on 99-year leases for the land, with the buildings being transferred to the property owner at the end of the lease term (Skyline Towers in Falls Church is one example, I am told). This land is the birthright of the residents of Washington, and it will be worth billions of dollars someday. As an economist, I suspect that the value of 99-year leases would compare favorably to the sale price. Have District officials studied this alternative? JACK NEWTON Alexandria

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