RSS FeedDowntown BID Says: No Groundbreakings Scheduled
The Downtown BID has their 2nd Quarter 2007 development report online (pdf) and one item struck us: The Downtown BID has no groundbreakings scheduled for 3Q 2007.
Looking around downtown, we don’t see any more surface parking lots that are just begging for development (except the old convention center parking lot, but that’s already spoken for). Could the lack of new supply of commercial & residential buildings mean that prices and rents will start going even higher over the next couple of years?
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Or could it mean that most of the property to be developed already has been spoken for? There are plans for redevelopment for many years to come based on what has already been purchased and planned
Most of the new development soon to break ground is in NoMa, Near Southeast, and Mt. Vernon, as stated above. I don’t think prices will go up significantly, due to the market. Since Downtown is virtually built out, most of the development now will soon be redevelopment of older structures.
The answer to your question is No. If you want a rationale, fish up the real estate law article posted on the frontpage of http://www.law.com today written by a DC real estate practitioner.
for those who want to know the website links for the BID, here they are:
Downtown DC BID homepage
http://www.downtowndc.org
Quarterly Reports homepage
http://www.downtowndc.org/news/reports/quarterly_development_reports
Poo poo’s buddy: Show me what math your talking about… NoMa doesn’t have significant residential now, the whole neighborhood is developing. It will basically have the same mix of uses as Near Southeast.
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There is still a lot of developable space in the Mt. Vernon Triangle and NOMA areas, in addition to the area around the new baseball stadium.