why your restaurant needs to be in washington, DC 1420-B 21ST STREET, NW | WASHINGTON D.C. 20036 | T: 202.466.2200 | WWW.PAPADOP.COM “the most powerful city in the world” “Guys are coming down here because they can pay half the rent and do 75 percent of the business” -when comparing the New York City restaurant market to the Washington, DC restaurant market whether launching a new concept or expanding an existing one, smart restaurateurs & operators turn to washington, DC for restaurant success washington, DC at a glance: fast facts stability, growth, & perseverance - Washington, DC is growing faster than any other U.S. state and at three times the national average. Post-recession home prices are faring better than practically any other metropolitan area, and the city leads the nation in economic confidence. During the global economic crisis from 2008-2011, restaurant sales and expansion continued to boom in Washington, DC. “D.C. is off the charts” -Garrick Brown, Terranomics’ director of retail research the wealthiest metropolitan area in the country - The nation's capital and the metropolitan area that surrounds it is now the richest in the United States. According to Bloomberg, U.S. Census Bureau figures put average household income in the area at $84,523 in 2010. The national median income comes in roughly $35,000 below that figure. D.C. now boasts higher average incomes than the San Jose metropolitan area in California, home to Silicon Valley's big tech fortunes. disposable income – The Washington, DC metro area ranks in the top 3 when comparing disposable income in U.S. cities (2011) public transportation & accessibility - Metrorail serves 86 stations and has 106 miles of track. Metrobus serves the nation's capital 24 hours a day, seven days a week with 1,500 buses linking DC, Maryland, & Virginia. Metrorail and Metrobus serve a population of 3.4 million within a 1,500-square mile jurisdiction. DC Metro just a few recent out-of-towners who’ve made their way to DC New York Chicago New York Boston New York New York New York Cleveland New York Miami London Philadelphia Paris London Paris London Chicago New York ...and just a few chefs who’ve recently moved to DC bobby flay (new york) – an American celebrity chef, restaurateur and reality television personality. He is the owner and executive chef of 12 restaurants. jean georges vongerichten (france) – a French chef born in Alsace, France. Vongerichten commands restaurants in culinary capitals Las Vegas, London, Paris and Shanghai, as well as New York and Washington, DC. alain ducasse (france) – a Monégasque chef. He formerly held French nationality. He operates a number of restaurants including Alain Ducasse at The Dorchester which holds three stars (the top ranking) in the Michelin Guide. richard sandoval (mexico city) – growing up in Mexico City, Mexican cuisine was instilled in him at an early age. As Chef and Owner of Modern Mexican Restaurants, a leading international restaurant group with over a dozen outlets in New York City, Chicago, San Francisco, Washington DC, Virginia, Denver, Las Vegas, Mexico City, Acapulco and Dubai. jose andres (spain) – a Spanish chef often credited for bringing the small plates dining concept to America. His flagship restaurants, minibar (located in Washington D.C.) and "é" (located in Las Vegas) focus specifically on a tasting menu of molecular gastronomy. michael white (england) – a British celebrity chef, restaurateur and television personality. He is noted for his contributions to contemporary international cuisine, and his exceptional culinary skills. daniel boulud (france) – a French chef and restaurateur with restaurants in New York City, Washington DC, Palm Beach, Miami, Montreal, Beijing, and Singapore. He is best known for Daniel, his eponymous, Michelin 3-star restaurant in New York City. michel richard (france) – a French-born chef, and is formerly the owner of the restaurant Citrus in Los Angeles. He currently owns the award-winning restaurant, Citronelle in Georgetown and Carmel, and Central in Las Vegas, NV and Washington, D.C. art smith (florida) – an American chef who has worked for former Florida governor Bob Graham and Jeb Bush and until 2007 was personal chef to Oprah Winfrey. His expertise is Southern cuisine. the opportunities are endless: neighborhoods The Washington, DC area has a wide diversity of neighborhoods - from urban communities bustling with activity to family-friendly suburban communities to quiet rural areas with lots of green space. In the last decade, Washington DC has experienced a surge in urban development. The city’s population has seen a huge increase in young professionals choosing to live an urban lifestyle. The concept of a mixed-use community - combining housing, employment, shopping and recreation - has really taken off. That demand for upscale, urban, rentals is driving the development of many unique neighborhoods in Washington DC. In addition, the city continues to focus on revitalization to increase tourism and improve the local economy. The following neighborhoods are ones to keep an eye on in the coming years. new development projects underway: neighborhoods southwest waterfront - Plans are underway to redevelop the Southwest Waterfront, transforming the area into an urban destination that mixes maritime activity and commerce with culture and housing within easy walking distance to the National Mall. The plan includes building new restaurants, shops, condominiums, a hotel, marinas, a waterfront park, and an expanded riverfront promenade with public access to the water. The neighborhood will be bike and pedestrian- friendly and is expected to become a commercial anchor for those who visit the city's monuments and museums. The Southwest Waterfront Project is a public/private partnership between Hoffman-Struever Waterfront and the District of Columbia. Construction is expected to begin in 2012 and be completed in 2019. anacostia waterfront - Redevelopment of this part of Washington DC began with the building of Washington’s baseball stadium, Nationals Park, in 2008. New housing, office space, retail space, hotels and restaurants have been built and more is expected to be added in the coming years. Capitol Riverfront is a vibrant mixed-use riverfront community that is located along the Anacostia River near the Navy Yard. NoMa: North of Massachusetts Avenue - The opening of the New York Avenue Metro station in 2004 sparked the improvement of NoMa, the Washington, DC, neighborhood located just north of the U.S. Capitol and Union Station. Private developers have invested over $3 billion and built over 15.7 million SF of office, residential, hotel, and retail space in the 35-block NoMa area. The neighborhood now boasts a daytime population of 40,000; more than 2,800 residential units are either occupied or under construction. Future development plans will bring an additional 16 million SF of office, hotel, residential and retail space to the NoMa area. H street corridor - The redevelopment of this neighborhood was kicked-off with the opening of the Atlas Performing Arts Center, an art-deco 1930s movie theater that was converted into an arts complex with multiple theaters and dance spaces. The vibrant community along H Street is an arts and entertainment district with unique bars, restaurants and shops. Many redevelopment projects are still underway. The installation of a streetcar (expected to begin operating in 2012) will make the area more accessible. chinatown / penn quarter - This Downtown DC neighborhood began its revitalization in 1997 with the construction of Washington’s entertainment area, the MCI Center (now the Verizon Center). The neighborhood, with its prime location near the Washington Convention Center and in Chinatown, attracts tourists and locals to explore its museums, restaurants, hotels, nightclubs, art galleries, theaters and trendy stores. The area continues to grow and has become an entertainment hot spot in the city. This is one of DC’s hottest areas. columbia heights - This neighborhood was destroyed in the 1968 riots that followed Martin Luther King Jr.‘s assassination. The area had many abandoned homes and shops but has dramatically changed in the past decade. In 2008, DC USA, a 546,000 square-foot retail complex, opened with major retailers such as Target, Best Buy, Bed Bath and Beyond and Washington Sports Club. There are several restaurants and an underground parking garage. The community is made up a diverse population and is still undergoing many changes. ...and the established: neighborhoods 14th & U Streets/MidCity Adams Morgan Barracks Row MidCity is at the center of DC’s Vibrant, diverse and artistic, Steeped in U.S. history, the 8th renaissance. Young Adams Morgan is abuzz with Street, SE corridor’s trade area professionals come to 14th & U colorful storefronts, friendly offers more than 30,000 to experience urban living and sidewalk cafes, diverse employees by day and another enjoy the diverse dining and retail restaurants and some of DC's 17,000 residents by night. offerings. liveliest nightspots. Central 14th Street Chevy Chase Cleveland Park Central 14th Street is an With a median household income High-income families and emerging and charming mixed- in the $100,000s, the professional singles call this use corridor surrounded by well- neighborhood and major urban oasis home. Others from kept row houses and single-family commercial corridors offers around the region come to visit detached homes from Spring national, regional and local the National Zoo or dine along Road to Longfellow Street, NW. retailers a wealth of opportunity. Connecticut Avenue. Downtown DC Dupont Circle Georgetown Having undergone a tremendous Culturally vibrant, cosmopolitan Internationally known as a renaissance over the past 10 and always in motion, Dupont bustling urban retail mecca, a years, the area has re-emerged Circle is one of DC’s most diner’s delight and as the commercial, celebrated neighborhoods. entertainment center, entertainment, dining and Energized by a thriving Georgetown’s business district cultural center of the region.