The owner of radio stations in 16 urban markets was founded in D.C. by Catherine Hughes and planned to return to the city and be part of the mixed-use project Broadcast Center One -- 103,000 square feet of office space, 25,000 square feet of retail, 180 apartments and 195 underground parking spaces at the Shaw-Howard University Metro Station.
Developers told the Business Journal that the project will continue, though Radio One was to be the anchor.
Hughes, now chairwoman, made an emotional plea to the D.C. Council in 2007 in seeking assistance to move the company to where she founded it, telling them she “cried for a very long time when we relocated from Fourth and H streets” in Northeast D.C. After watching its stock drop from $24 in 2002 to 20 cents last February, the company has been slashing expenses to return to profitability and closed at $3.26 Thursday. In announcing the company’s earnings of $14.2 million for the third quarter of 2009, Alfred Liggins III, Radio One CEO and president, released a statement saying,” The efforts we have made to cut costs and streamline the business have positively impacted the income statement, and I believe position us well for the future.”
Radio One has not given a reason for its decision, but finances is a good bet.