The J. Edgar Hoover Building on Pennsylvania Ave.

Until now, the public tug-of-war over the FBI and its headquarters has been over where the agency will relocate. Will it go to Prince George’s County, giving an economic boost to either Greenbelt or Landover? Or to Springfield, creating a new federal enclave of 11,000 employees?

On Tuesday, the opening bell rang on a related competition, this one for a half-a-billion-dollar prize: the J. Edgar Hoover Building on Pennsylvania Avenue.

The property beneath aging building– nearly 6.7 acres in the booming Penn Quarter neighborhood — represents one of the most valuable development opportunities ever to become available in downtown Washington. 

There is a wide spectrum of estimates about how much the Hoover Building may be worth, in part because the property has not yet been re-zoned for buildings to replace it. The D.C. government assesses the complex at $652 million. Private sector real estate officials estimate that it could fetch between $300 million and $1 billion in a sale......Continue Reading

> via washingtonpost.com