D.C. Mayor Vincent Gray will announce Saturday that Chinese financiers plan to invest millions of dollars in a development in Northwest Washington, a source familiar with the agreement said.
At a news conference in Shanghai, Gray will roll out a plan that will invest at least $30 million in the O Street Market, a massive project in Shaw that will eventually include 629 residential units and nearly 90,000 square feet of retail space.
But the new partnership could ultimately pay larger dividends for the District.
"These are people who could potentially invest hundreds of millions of dollars in the District," said the source, who estimated the investors could ultimately bet up to $500 million on D.C. "What these people are looking for is a safe place to park their assets."
The official declined to say how many investors are participating in the deal, but they said each was required to chip in at least $500,000.
The announcement will serve as a capstone to Gray's visit to the Far East, his first trip abroad as the District's leader. He's scheduled to return to Washington on Sunday after a journey that also included stops in Beijing and Suzhou.
Gray's trip was not solely focused on economic development. He also spoke at an environmental conference and renewed the District's sister city agreement with Beijing.