RSS FeedCorner of 9th & H St To Become A… Citibank
Thanks to DCDAVE for tipping us off to some retail construction activity on the SW corner of 9th & H St NW. DCDAVE asked one of the construction workers what was going into the space and he was told that it will be a Citibank.
We’ve experienced that banks are a sort of lazy man’s retail tenant. It seems that banks are the first people in line to gobble up retail space in prime locations so that they can install their ATM machines. We’ve also observed that developers have to actively work to attract quality retail tenants and that may mean that the space sits empty for many months.
Maybe when the old convention center site is redeveloped, surrounding building owners will be inspired to seek other types of retail tenants and resist leasing space to banks.
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Comments
I remember a Washington Post article with people complaining about banks. What is wrong with banks? They provide a needed service. I like convenient ATM machines.
“What is wrong with banks?”
I think the problem most people have with bank branch offices is that they don’t keep evening retail hours, thus after 5 PM or so there’s essentially a void of retail traffic. No one is complaining about convenient ATMs, but having your most prominent retail locations populated by entities that close up shop before the office workers head out doesn’t exactly contribute towards a thriving retail sector. In PQ, it’s less of an issue due to the onslaught of development occuring along most blocks in the neighborhood, but I can understand why the announcement of a bank at 9th and H would elicit mainly yawns.
developers may be working hard to attract good retail tenants but they are holding out for sky high rents. of course they pay no vacant property taxes while we stare at empty storefronts.
Who cares? There is nothing interesting at the corner of 9th & H st. anyways, its an intersection with commercial office space, its too busy for retail or restaurants.
Si, absolutely correct. Developers hold out for the “big score”, & there’s no vacant property tax to spur them – & to compensate the city for years & years of no sales taxes from “retail shops” that aren’t there b/c the developers hope to land a big fish.
The “market” isn’t working b/c the city doesn’t do its share & demand the missing sales tax in the form of a vacant property tax. How much is 5.85% [or whatever it is] of the projected / average sales for a given spot? Prepared food & alcohol taxes are even higher, 10%? If sales were $1 million, lost taxes would be $58,500 or $100,000 per year. There’s the money the city is losing.
This leaves out, of course, the aesthetics of blocks of vacant store fronts. I know it’s not as bad as it used to be, but it’s still bad.
Don’t worry. When Citi goes under and takes out the global economy we will be happy to have a bank that serves the neighborhood.
What are they doing opening new retail branches?
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fat chance. more ATM tourist feeders on the way.