Early Briefing: A Parking Lot, for Now

*The corner of K Street and Connecticut Avenue is among downtown Washington's most prestigious, a crossroads District leaders believe is worthy of the glass, steel and stone tower that a developer envisions. But now, citing the economic downturn, a developer has sought the District's permission to turn one of the city's prime parcels into an above-ground parking lot, at least temporarily. In a letter to D.C. officials last month, the developer sought to alter the project to generate cash while the lot sits fallow until construction begins, perhaps at the end of 2009 or in early 2010.

*Metro and 30 other transit agencies across the country may have to quickly find billions of dollars to pay to creditors because financing deals with large banks are unraveling, potentially hurting service for millions of bus and train riders in cities around the nation, transit officials said yesterday. The problems are an unexpected consequence of the credit crisis, triggered indirectly by the collapse of American International Group, the insurance giant that U.S. taxpayers recently rescued from bankruptcy, officials said.

*CSC of Falls Church said Thursday that it was maxing out a $1.5 billion line of credit to pay down short-term debt because it no longer wants to rely on using loans known as commercial paper to finance day-to-day operations. The technology-services company, which manages networks for government clients including the U.S. Navy and NASA, as well as large private companies, said in a statement that the move would insure it had enough cash on hand in the midst of the ongoing credit crunch.

*So many workers drive to lunch in Tysons Corner that it has created a third rush hour during the middle of the day that actually exceeds the morning rush. Having so many of the approximately 115,000 Tysons workers on the road, often driving less than a mile to grab a sandwich, is complicating construction plans for a new Metrorail extension and Capital Beltway toll lanes that will rip up the streets around the area. Things are so bad that traffic planners are introducing a lunchtime shuttle to try to get some of the vehicles off the road.

By Terri Rupar  |  October 24, 2008; 5:00 AM ET  | Category:  Economy Watch , Morning Brief
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