A Push to Make Washington’s Downtown More Livable
- 6 years ago
A Push to Make Washington’s Downtown More Livable
“We believe this bill will strengthen city’s tax base while adding residents
and ensuring the longtime economic vitality of our downtown,” said Leona Agouridis, executive director of the Golden Triangle Business Improvement District.
In a report released last month, the DowntownDC Business Improvement District said the new market-rate residences
would be worth $600 a square foot, compared with empty office space valued at $450 a square foot.
To encourage conversions in the nation’s capital, where the office vacancy rate is around 11.4 percent, the district’s Council members
are considering legislation to provide a tax abatement of up to $20 per square feet for 10 years, capped at $5 million a year.
“It’s working in the suburbs because their office markets are really, really weak.”
Jack Evans, a Democratic member of the Council and the bill’s sponsor, said the bill would enable a “Manhattanizing of the District of Columbia,” bringing
more vitality to the city’s core by encouraging an influx of full-time residents who could walk to work while patronizing nearby shops and restaurants.
In Baltimore, some 38 miles to the north, conversion of 1.9 million square feet of office space since 2013
has reduced office vacancies by 30 percent, according to an analysis by JLL, a real estate services firm.
“We believe this bill will strengthen city’s tax base while adding residents
and ensuring the longtime economic vitality of our downtown,” said Leona Agouridis, executive director of the Golden Triangle Business Improvement District.
In a report released last month, the DowntownDC Business Improvement District said the new market-rate residences
would be worth $600 a square foot, compared with empty office space valued at $450 a square foot.
To encourage conversions in the nation’s capital, where the office vacancy rate is around 11.4 percent, the district’s Council members
are considering legislation to provide a tax abatement of up to $20 per square feet for 10 years, capped at $5 million a year.
“It’s working in the suburbs because their office markets are really, really weak.”
Jack Evans, a Democratic member of the Council and the bill’s sponsor, said the bill would enable a “Manhattanizing of the District of Columbia,” bringing
more vitality to the city’s core by encouraging an influx of full-time residents who could walk to work while patronizing nearby shops and restaurants.
In Baltimore, some 38 miles to the north, conversion of 1.9 million square feet of office space since 2013
has reduced office vacancies by 30 percent, according to an analysis by JLL, a real estate services firm.