Dynamic Development

Release Date: Tuesday, June 17th 2008

Crane season’s not over yet! The 2007 4th Quarter Development Activity Report reveals that the Downtown BID area was home to 19 projects under construction at December 31, 2007, representing 3.5 million square feet (SF) and approximately $1.5 billion in investment. Twenty-four projects, representing 8.5 million SF and $3.7 billion, are planned for the future. These projects correspond to the Downtown BID area’s march to full build out, which is predicted to occur in 2014 or 2015. 

The Greater Downtown area continued its forward development momentum with 77 projects, representing approximately 17 million SF and $6 billion, under construction at December 31, 2007. The area remains a hot location for housing with 2,997 units under construction at year-end 2007 and more than 14,000 units planned.

From 2000 through 2007, the Downtown BID area has welcomed 25 million SF of new and renovated space, 13 million SF of office space, approximately 1,000 new hotel rooms, 1.2 million SF of retail and almost 3,200 new residential units. Due to the resulting increased office inventory and rental rates, additional high-income residents, successful new restaurants and stores and visitor growth, the Downtown BID area generates more tax revenue for the District of Columbia than it requires for services. With a net fiscal impact of $397 in fiscal year 2007, the Downtown BID area is estimated to have generated $644 million when combined with the Golden Triangle BID area. 

To obtain a copy of the 2007 4th Quarter Development Activity Report, which highlights historic development, current construction and future projects in the Downtown BID area and Greater Downtown, please click here.