Tuesday, July 08, 2014

HOUSING COMPLEX | Capitol Riverfront Residences Keep Sprouting Up. Offices, Not So Much.

Go HERE for the full article by Aaron Wiener.

The switch from office to residential development has characterized the Capitol Riverfront neighborhood in recent years. The arrival of both the national and District transportation departments helped put the neighborhood on the map for many D.C. residents. But since the recession, the office market has stagnated across the city as the federal government and private firms have opted to reduce their space requirements per employee. 
As of last year, according to the Capitol Riverfront Business Improvement District, 50 percent of the eventual office development in the neighborhood was built out. By 2017, the BID projects, that figure will be 51 percent—an increase of just one percentage point over four years. In the same time period, the BID forecasts, residential development will have jumped from 24 percent to 47 percent, hotel development from 16 percent to 58 percent, and retail development from 22 percent to 50 percent.

The population within the BID's borders has grown from 1,100 in 2009 to more than 4,000 today and is expected to surpass 5,000 next year. There are six apartment buildings currently under construction. The neighborhood currently lacks a supermarket but will soon have two: a Harris Teeter set to open in September, and a Whole Foods that's broken ground. 
In addition, two developers have recently announced plans for condominiums in the neighborhood. PN Hoffman will build 130 condos at the Yards complex, and MRP Realty and CAS Riegler Companies won a bid this month to build 126 condos at the Metro chiller plant site. "That's a really positive sign for the neighborhood," says Stevens, who believes that ownership housing will deepen residents' personal investment in Capitol Riverfront. 

1 comment:

i heart newcomb said...

Lol about the construction of two new condo buildings being "a really positive sign for the neighborhood." Capitol Riverfront areas has had so many really positive signs the last couple of years I've lost track :)

The numbers on population versus grocery stores in the article caught my eye. I had never seen these numbers and the contrast they offer to EOTR presented so clearly before:

4,000 current population in Capitol Riverfront + 1,000 expected next year = TWO grocery stores!

Granted up until now the formula was 4,000 in Capitol Riverfront = one Safeway located a good walk away in Waterfront (still not too far away, probably the equivalent of the walk to Giant from where I am now).

EOTR the formula is: 70,000 (current population) = one grocery store that always has super long lines.

That part of the city having attractive amenities makes our neighborhood more attractive because we are in such close proximity to it. At some point, I think these amenities will bleed over to EOTR. But the contrast when these grocery stores open will be pretty stark...