Post on 29-Jul-2015
Mayor Vincent C. Gray Deputy Mayor Victor L. Hoskins
SEQUESTRATION’S IMPACT ON
THE DISTRICT OF COLUMBIA
MMDC Multifamily Forum
March 20, 2014
Mayor Vincent C. Gray
Victor L. Hoskins
Deputy Mayor for Planning and Economic Development
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The District is an increasingly attractive place to live
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DC population
Source: Census
Five-Year Economic Development Strategy
District’s first-ever business-based economic
development strategy
Targeted 7 sectors including:
– Retail
– Hospitality
– Technology
– Professional Services
– Federal Government/ Contractors
– Eds & Meds
– Real Estate/Construction
• Financial support from both private and public
sectors
• Worked with four universities to develop the
100+ page strategy
• 185+ private and public leaders interviewed
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Business Development and Strategy
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DMPED Successfully attracted businesses
WDCEP Successfully attracted businesses
34 initiatives completed or started
18 initiatives on deck
17,750 jobs resulting from first year’s
activities. On track to reach
100,000 jobs in 5 years
168 successfully attracted businesses
$281 million cumulative tax revenue resulting
from first year’s activities. On
track to exceed $1B in revenues
over 5 years
Five-Year Economic Development
Strategy
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$4.8B Total project costs
21,753 Total jobs
$2.7B Stabilized tax revenue over 30 years
66 Projects completed or under construction
1.4M SF of retail across 24 projects
5,284 Total housing units
1,884 (37%) Affordable housing units
DMPED Real Estate Development
City Center-Parcel A: Before
Status:
• Closed on March 22, 2011
• Construction started March 25, 2011
• First move-ins December 2013
• 10th and I streets open on
December 9, 2014
Development Program Plan:
• 1.6M Total square feet
• 295,000 Retail SF across 40 stores
• 674 Residential units
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City Center-Parcel A: After
Benefits:
• 1,360 construction jobs
• 3,787 permanent jobs
• 92 Affordable housing units
• $129M Estimated tax revenues (over 30 years)
• Reconnected street grid
• 1,500 Parking spaces
Retail
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Source: Google street view
Southwest Waterfront
Phase 1 Benefits: • 1,150 Construction jobs
• 2,100 Permanent jobs
• 891 Residential units (219 affordable)
• 182,500 Retail SF
• 683 Hotel keys
• 225,000 Office SF
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Google street view
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Quality Affordable Housing: Park 7
Benefits:
• 200 construction jobs
• 150 permanent jobs
• 346 Affordable housing units
• 20,000 square feet of retail
• $67 million mixed use
development
Mayor’s Affordable Housing Initiative (DMPED, DMHHS, DHS, DHCD, DCHA, DCHFA)
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$187 million District investment
3,137 Total affordable units
$589 million Total development
10,000 units by 2020 (10X20)
47 Pipeline projects
*As of November 2013
DHCD’s Development Pipeline*
5,136 Units completed and under construction
On track to surpass 10,000 unit goal