Encourage Redevelopment of $8 Billion of Federal Real Property
This week, the House Transportation and Infrastructure Committee unanimously approved two AGC-supported bills that would encourage federal agencies to dispose of, consolidate, or redevelop at least $8 billion of excess or underutilized civilian federal real property. The Public Buildings Reform and Savings Act, H.R. 4487, and the Federal Assets Sale and Transfer Act, H.R. 4465, would:
- Establish a Public Buildings Reform Board to identify opportunities to reduce the federal real property inventory and make recommendations for the sale of at least $8 billion worth of underutilized and vacant federal properties;
- Sell the existing Department of Energy Headquarters Complex in Washington, D.C., and build a new one;
- Allow for unsolicited proposals for the exchange, sale or redevelopment of federal real property;
- Requires GSA to create and publish a single, comprehensive database of all federal real properties; and
- Streamlines the federal real property disposal process.
Passage of these bills will help grow the federal private construction markets by encouraging redevelopment and a more efficient use of real property by the private or federal sectors. For example, GSA sold an abandoned heating plant in Washington, D.C., for $19.5 billion that will be converted into high-end condominiums, requiring private construction work of more than $100 million. A Senate committee recently passed its own federal real property reform measures. AGC will continue to press for passage of these bills by the House and Senate.
For more information, please contact Jimmy Christianson at 703-837-5325 or email@example.com.