Apollo Real Estate Advisors estimated that a multiuse development proposed to replace the gritty Capital City Market in Northeast Washington could cost in the billions.

Officials of New York-based Apollo and D.C. Council Member Harry “Tommy” Thomas Jr., D-Ward 5, on Tuesday officially announced Apollo’s involvement, which had been reported Monday in The Examiner.

The company has agreed to help finance the project, which would transform a decaying but bustling market at the corner of New

York and Florida avenues. The spot is a major gateway into the city.

This story continues below
Advertisement

Apollo has invested more than $8.2 billion in real estate since 1993, including the Time Warner Center in New York.

Before plans can go forward, Thomas, who represents the jurisdiction where the market sits, must gain the support of more than 51 percent of the market’s property owners, as outlined in a bill passed by the council in December.

The council also must approve finalized conceptual plans, which are being developed by the Office of Planning, Thomas said.

Although Thomas said he has the initial support of about 45 percent of the merchants, many of whom are Asian and Hispanic, questions remained about how current businesses located there would be involved.

“What was lacking, right from the start, was participation, particularly from the tenants,” said Alexander Chi, president of the National Association of Asian American Businesses, which represents 19 Asian-owned businesses at the market.

He said several business owners, only two or three of which own their properties, have complained about being in the dark. Several have considered moving, Chi said.

“They don’t know where the future lies for their business,” Chi said.

cmabeus@dcexaminer.com