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HUD No. 97-28
FOR RELEASE(202) 708-0685
WednesdayMarch 12, 1997
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HUD HELPS CREATE JOBS AND REVITALIZE SE WASHINGTON TO HELP PRESIDENT'S DC ECONOMIC DEVELOPMENT PLAN SUCCEED

WASHINGTON -- Furthering President Clinton's goal of revitalizing the District of Columbia, Housing and Urban Development Secretary Andrew Cuomo today joined ceremonies celebrating the opening of a shopping center that will bring an estimated 375 jobs and badly needed stores to an impoverished section of the nation's capital.

The Safeway Supermarket that Cuomo helped open in Southeast Washington will employ about 250 people -- including 135 who are newly hired workers who live in the surrounding community, most with low- and moderate-incomes. As other stores open in the shopping center in coming months, they will create an estimated 125 additional jobs.

Cuomo said HUD will provide $11.5 million in loan guarantees and a $1 million Economic Development Initiative grant to the Anacostia Economic Development Corporation (AEDC) to help the nonprofit community development organization purchase the buildings housing the supermarket and 42,000 square-feet of adjacent retail space being created by Safeway, Inc. Most of the stores will be in a Sears department store that was abandoned years ago.

The Good Hope Marketplace shopping center is the largest retail development created in Southeast Washington in more than 20 years. It is located in Washington's Enterprise Community, which is receiving $3 million in HUD assistance over 10 years to revitalize the neighborhood.

"This project, combined with the initiatives President Clinton announced yesterday to encourage economic development in the District, will help reverse decades of decline in this great city," Cuomo said. "Under the President's leadership, HUD is doing here what we are doing in inner cities across America -- investing federal dollars as seed money to grow urban economies, to put people to work, to bring new life to poor neighborhoods once given up for dead."

"We are helping the people of Southeast Washington help themselves through the strength of their own purchasing power," Cuomo added. "Sixty-five percent of the grocery shoppers in this area shop elsewhere. The Good Hope Marketplace will provide convenient shopping close to home, create jobs for people who live here, and serve as a magnet for new jobs and development."

Cuomo joined officials of the District of Columbia, Safeway, AEDC and community groups at a ribbon cutting to open the new Safeway store this morning.

With the help of HUD's loan guarantee and grant, AEDC will purchase the Good Hope Marketplace from Safeway in June, once the shopping center is 75 percent leased. Safeway will then lease its store from AEDC. Other shopping center tenants that have already signed leases to open in the next few months include a bank, shoe store, pizza restaurant, dry cleaners, electronics store, rental center, post office and police substation.

AEDC, which was created in 1969, will create a community-based property management company to manage Good Hope Marketplace, and will also employ low- and moderate-income people. AEDC plans to recycle profits from the shopping center back into the community to undertake management of other commercial properties and support the revitalization of the area.

Content Archived: January 20, 2009

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