In the latest sign of the worsening economy, the largest development project in Washington's history has gone under.
The $2 billion Poplar Point project was an undertaking to revitalize southeast Washington, and build up the area around the newly finished Nationals Park across the Anacostia River.
Late Friday, Clark Realty Capital, which won the city's bid for the 110 acre property last year, suddenly pulled out. The company cited concerns about investing millions of dollars in this uncertain economy.
"We came to some milestones that needed to be met, that Clark didn't think they could meet, and asked to drop out of it," DC Councilman Jack Evans told News4.
Outbidding several other firms, Clark Realty Capital pledged to bring a mix of housing, realty, and office space to a section of the city in dire need of revitalization.
City officials remain optimistic that the project will eventually be carried out in some form.
"Clark continues to be a great partner of the city in so many other projects," Mayor Adrian Fenty said. "We just couldn't get this one done, but the show must go on."
The city is now looking for a new developer to step in-- a prospect that seems unlikely in these tough economic times. City officials believe when credit becomes more widely available, there will be interested companies.
