The 1333 M Street, SE Tax Abatement Amendment Act of 2025 aims to provide a tax abatement for the Rivers Edge development project located at 1333 M Street, SE, in Ward 6. This initiative is a response to the economic challenges posed by high interest rates and frozen capital markets, which have hindered the project's progress. The proposed legislation will allow for an annual real property tax abatement equal to the amount of real property taxes assessed and imposed in excess of $150,000 per year, starting in Fiscal Year 2029. The abatement is contingent upon the developer meeting specific conditions, including the construction of public space improvements and the allocation of a minimum of 12% of residential gross floor area for affordable housing.

The bill also includes provisions that ensure the tax abatement is in addition to any other tax relief or assistance available to the project, and it does not restrict the developer from utilizing other economic development incentives. The legislation outlines the necessary public space improvements that must be constructed, such as a neighborhood greenway, various plazas, and a reconstructed Anacostia Bicycle Trail, among others. The tax abatement will be effective for 15 consecutive real property tax years beginning on October 1, 2028, and the bill will take effect following the Mayor's approval and a congressional review period.