Encourage Redevelopment of $8 Billion of Federal Real Property
This week, the House Transportation and Infrastructure Committee unanimously approved two 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, , and the Federal Assets Sale and Transfer Act, , 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 its own federal real property reform measures. ÃÛÌÒ´«Ã½app 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 christiansonj@agc.org.