The redevelopment of Virginia’s Robinson Terminal North is put on hold as dim prospects hover over the waterfront refurbishment project, a representative for the owners told reporters recently.
According to sources, the brokerage firm handling the project has been unable to secure a top-tier hotel that would command prices and serve as the heart of the waterfront, Kenneth Wire, a McGuireWoods representative said.
The owners were also discouraged by the rising cost of construction and uncertainty in the financial markets.
Robinson Terminal North is a joint venture between Rooney Properties ad CityInterests, a Washington, DC based developer. The current property is located along the Potomac River and served as a Washington Post shipping hub for more than 70 years.
The owners also deferred development in anticipation of the opening of the MGM National Harbor casino and hotel across the Potomac later in the year.
