From a press release:
This week, Mayor Vincent C. Gray and Deputy Mayor for Planning and Economic Development Victor L. Hoskins returned to the District of Columbia along with other members of the District delegation who participated in a seven-day economic development mission to the People’s Republic of China. The trip ended on Saturday in Shanghai with the announcement of a sizeable Chinese investment in the City Market at O Street project managed by District-based Roadside Development, LLC. A ceremonial check in the amount of $40 million was presented to Roadside’s co-founder Armond Spikell. The funding will support future phases of this important development.
“We are delighted to return home from China with the knowledge that our work is already proving successful,” said Mayor Gray. “I want to congratulate the Roadside Development team on securing a major funding component for City Market at O Street, which is a critical component of the revitalization of the District’s Shaw neighborhood. In order to remain the best real-estate market in the country, we must continue to attract, entice and support such investments in the District. By launching the D.C. China Center in Shanghai, we will do that work and more, bringing more business to D.C. and standing shoulder-to-shoulder with D.C. businesses as they compete in China and create good, high-paying jobs here at home. I also want to thank the cities of Beijing, Shanghai, and Suzhou for the spirit of hospitality and friendship with which we were received. The relationships we developed will increase economic opportunity for District residents and our Chinese partners.”
“Roadside Development was pleased and proud to be a part of the Washington, D.C.’s trade delegation to China,” said Richard Lake of Roadside Development. “We saw immediate opportunities to attract new capital sources and form new partnerships for future developments in the District. Through Mayor Gray’s leadership and vision, our City Market at O project is well under way. During this mission, City Market at O received an additional $40 million (through EB-5 financing) for future phases of this exciting project.”