Anticipated Green Line Report Declares Corridor Top-tier Location for Population Growth, Job Creation, and Investment
Today, the Capitol Riverfront BID released the report they commissioned from Robert Charles Lesser & Co. on the economic health and commercial viability of the neighborhoods served by the Green Line stations between and including Georgia Avenue/Petworth and Navy Yard. A read of either the summary report or the full (313 page) report is interesting.
As you read through either report, keep in mind that Petworth is used throughout as shorthand for the 1/4 area around the Georgia Avenue/Petworth Metro, so that data is inclusive of the Park View/Ward 1 area served by the station.
From the report:
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THE GREEN LINE CORRIDOR
During the last decade, the District of Columbia re-emerged as the region’s growth driver. In fact, in 2012, the District had the highest population growth percentage in the nation. During this process, it reversed the historical trend
of lost market share of population and jobs to suburban competitors and has become a destination of choice not only for professionals but increasingly for the companies and organizations for which they work.
Regional real estate and economic observers have long pointed to property located along Metro’s Red Line in Northwest Washington and the Rosslyn-Ballston (R-B) Orange Line Corridor in Northern Virginia as successful investment and development corridors. Development locations and opportunities in these two corridors have been highly sought-after, garnering not only regional, but national, recognition.
In the 1990s, in concert with the opening of Metro’s Green Line service, the District of Columbia began the process of planning and developing a number of neighborhoods around Metro stations into higher-density communities to capture new offi ce and residential growth. In particular, the District’s investment spurred the revitalization of at least
six vibrant mixed-use urban neighborhoods—Columbia Heights, Gallery Place, U Street, NoMA, Southwest Waterfront, and the Capitol Riverfront (Navy Yard metro station). On this list, all but one is located along Metro’s Green Line Corridor.
The Capitol Riverfront Business Improvement District (BID) commissioned Robert Charles Lesser & Co., LLC (RCLCO) to examine the changes that have occurred in communities along Metro’s Green Line Corridor study area from Georgia Ave/Petworth to Navy Yard/Capitol Riverfront since the opening of Metro’s Green Line service. Until this study, little research had been done about the extent of the changes taking place in these areas and their role in the District’s and regional economy.
The findings reveal that the Green Line corridor plays a central and critical role in the District’s and the region’s population growth, job creation, and investment, and will likely be an engine of future economic growth. Additionally, the data suggests that the Capitol Riverfront—given its Green Line access at the Navy Yard Station and its signifi cant
amount of development capacity—is among the most competitive locations in the region for residential, retail, and office development.
GreenPrint of Growth fi nds that a growing number of affluent, young professionals and their employers have chosen to move into communities around Green Line Corridor stations, a fact that is less well-known to many real estate professionals and regional economic observers. Truly, the Green Line Corridor has become a top-tier location for
population growth, job creation, and investment.