To promote the development of the Southwest waterfront in the District of Columbia.

Amends the District of Columbia Official Code to revise certain specifications for the authorized transfer by the District Council, on behalf of the United States, to the District Redevelopment Land Agency of all federal right, title, and interest in the Southwest Waterfront Project Site. Authorizes such transfer by one or more quitclaim deeds.

Authorizes the Agency to lease or sell the Site to a redevelopment company or other lessee or purchaser.

Repeals the U.S. reversionary interest in such property.