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Emerging Corridors + Opportunity Zones 2019 Edition

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Emerging Corridors + Opportunity Zones 2019 Edition EMERGING CORRIDORS + OPPORTUNITY ZONES 2019 EDITION In Public-Private Partnership with IMAGE COURTESY OF MENKITI GROUP COURTESY IMAGE The Washington DC Economic Partnership would like to acknowledge our public and private sector board members whose continued financial support and guidance has made the 2019 Emerging Corridors + Opportunity Zones publication possible. PUBLIC SECTOR PARTNERS OFFICE OF THE CHIEF TECHNOLOGY OFFICER PRIVATE SECTOR PARTNERS BOARD MEMBERS EXECUTIVE COMMITTEE Raj Aggarwal Timothy Duggan Lindsey Parker Board Chairman, Think Local First Senior Vice President and Commercial Acting Chief Technology Officer, Brian Kenner / Co-Chair Joseph Askew Regional Group Manager, OCTO Deputy Mayor, Vice President, Government Relations, TD Bank William Rich Office of Planning and Verizon Daniel Duke President, Delta Associates Economic Development Kristina Bouweiri Prinicipal Mid-Atlantic Region, Jennifer Rudy Richard Lake / Co-Chair President & CEO, Reston Limo Bohler Engineering Director, U.S. Office of Civic Innovation, Managing Principal, Steven Boyle Josh Etter Microsoft Roadside Development Managing Director, Director, Development, Chase W. Rynd Foulger Pratt Omar McIntosh / Vice Chair EDENS Executive Director, Senior Vice President, Jean-Luc Brami Angie Gates National Building Museum Smoot Construction Vice President, Gelberg Signs Director, OCTFME Tara Scanlon Stan Jackson Partner, Holland & Knight Jennifer Eugene / Secretary Kenneth Brewer President & CEO, AEDC Manager, Engineered Sales Executive Director, H Street CDC Annie Senatore Washington Gas Stacy Burnette Norman Jemal CEO and Lead Event Designer, Sr. Director Gov't & Regulatory Affairs, Vice President, Design Foundry Timothy F. Veith / Treasurer Beltway Region, Douglas Development President, Olivia Shay-Byrne Comcast Partner, K&L Gates United Bank Caroline Kenney Ernest Chrappah Managing Director of Stephen Taylor Keith Sellars / President Director, DCRA Public/Private Development, Commissioner, DISB President & CEO, Urban Atlantic Washington DC Economic Partnership Brunson Cooper Joseph Torraca Corenic Construction Group, Jay Klug Vice President of Business Development, Karima Woods / Corenic Construction Executive Vice President, JBG Smith RCN DMPED Representative Donna Cooper Susan Lacz Andrew Trueblood Director of Business Region President, Pepco Principal & CEO, Ridgewells Catering Interim Director, DC Office of Planning Development & Strategy, Lisa Mallory Office of the Deputy Mayor for Anita Butani D’Souza Mitch Weintraub CEO, DCBIA Planning and Economic Development Division Head, HGRM Corporation Partner, Cordia Partners Colette Dafoe Gregory O'Dell Kristi Whitfield Office Managing Partner, President and CEO, Events DC Director, DSLBD Nixon Peabody WASHINGTON, DC EMERGING CORRIDORS + OPPORTUNITY ZONES The District of Columbia’s residential EMPLOYMENT GROWTH 6 population is now more than 702,0001, a 16% 3.0% increase since 2010, and projected to reach 2.5 2 2.0% approximately 990,000 by 2045. Contributing 1.5 to this growth has been the construction of 1.0% 0.5 more than 40,500 new residential units (87% 0.0% 3 -0.5 rental) from 2010–2018. Overall development -1.0% during this time period has resulted in more -1.5 -2.0% 4 than 87 million square feet of new development , -2.5 which is equivalent to the entire office 2012 2013 2014 2015 2016 2017 2018 5 DC TOTAL PRIVATE DC TOTAL GOVERNMENT inventory of the Nashville metropolitan area. DC TOTAL DC METRO TOTAL U.S. TOTAL POPULATION GROWTH Growing demand for housing and employment 2.5% has caused new development and business 2.0% growth to expand further into DC’s northeast and southeast neighborhoods. With many 1.5% of these emerging areas and commercial corridors now designated as Opportunity 1.0% Zones, there will be additional investment and capital available to local businesses and 0.5% new opportunities for investment in DC. 0.0% 2011 2012 2013 2014 2015 2016 2017 OPPORTUNITY ZONES DC DC METRO U.S. Source: Census Opportunity Zones (OZ) are a new federal The private sector is driving much of DC’s program that was added to the Tax Cuts job growth with a 19.1% increase in average and Jobs Act in December 2017 to spur long annual employment in the private sector from term private sector investments in low- 2010 to 2018 compared to 13.6% for the metro income communities throughout the U.S. The area and 17.4% for the U.S.6 In 2018, DC’s program hopes to bring neighborhood-serving annual average employment was 792,200, a retail, jobs, and affordable and workforce 1.0% increase from 2017, however the private housing to underserved communities. sector added approximately 9,700 jobs whereas the public sector lost 2,000 jobs. 1. U.S. Census (population as of July 1, 2018); 2. Council of Governments, Summary of Intermediate Population Forecasts (October 10, 2018); 3. Washington DC Economic Partnership (projects with 10+ units and includes major renovations); 4. Washington DC Economic Partnership (includes major renovations); 5. CoStar (Q4 2018 National Office Market Report); 6. Bureau of Labor Statistics, not seasonally adjusted (accessed on 3/16/19) EMERGING NEIGHBORHOODS + OPPORTUNITY ZONES • 2019 EDITION 1 OPPORTUNITY ZONES The program provides tax incentives for ABOUT EMERGING CORRIDORS + investments in new businesses and commercial OPPORTUNITY ZONES projects in designated Census Tracts. Investors can defer tax on capital gains invested in a The Washington DC Economic Qualified Opportunity Fund (QOF), which must Partnership (WDCEP) first published invest in real estate or a business entity in an the Emerging Corridors publication in Opportunity Zone. Other benefits include 10% 2016 as part of its efforts to highlight and 15% increases in basis at the five- and seven- potential investment & new business year marks, respectively, and no taxes on the QOF opportunities along DC’s commercial gains if investments are held at least 10 years. corridors in underserved markets. This year’s publication includes the commercial The 25 Opportunity Zones located in DC areas of DC’s Opportunity Zones. occupy approximately 18.4% of DC’s 68.3 square miles and contain 13.4% of the total This publication provides an overview of population.7 Between 2010 and 2018, total each corridor, a detailed assessment of population within Opportunity Zones in DC potential sites for developers and business has increased by 11.3% and more than half of all owners, and current investment in the future projects in DC are located in or within area. The list of sites is not meant to be a 10-minute walk of an Opportunity Zone.8 comprehensive but rather a reference for key opportunities. Please note that For detailed information on select major these potential sites were identified by development projects in Opportunity WDCEP using public data sources and Zones, please go to page 6. may not be available for lease or purchase (land owners were not contacted). More information on DC’s Opportunity Zones can be found by visiting oppzones.dc.gov. Although every attempt was made to ensure the quality of the information contained in this document, WDCEP DISTRICT OF COLUMBIA makes no warranty or guarantee as to its REAL ESTATE + BUSINESS RESOURCES accuracy, completeness, or usefulness By pairing the Opportunity Zone incentive for any given purpose. All highlighted with other complementary DC real estate and sites are estimates and may not business resources (described on the following reflect the actual property boundaries. pages), the District hopes to assist investment Ownership & land info was extracted from that supports the following priorities: opendata.dc.gov in December 2018. • Produce new amenities and community serving retail such as fresh food grocery To search for available space in DC or potential investment projects in Opportunity • Produce more affordable housing Zones please visit search.wdcep.com. • Improve access to capital and growth opportunities for local DC businesses For more information please contact • Provide jobs and training opportunities Derek Ford, SVP of Emerging to DC residents Neighborhoods ([email protected]) or Chad Shuskey, SVP of Research & Real Estate ([email protected]). 7. Esri estimates; 8. Washington DC Economic Partnership 2 © 2019 WASHINGTON DC ECONOMIC PARTNERSHIP SELECT RESOURCES + INCENTIVES with a poverty rate of 20% or greater, or where median family income is less than or equal to 80% AMI. A DC BUSINESS INCENTIVE NAVIGATOR Community Development Entity (CDE) is a local Incentives.dc.gov is a comprehensive, financial organization accredited by the Community searchable database of incentives and Development Financial Institution (CDFI Fund) other funding-related programs provided that applies for credits through the CDFI Fund. The by DC government agencies. This CDE then distributes funds to qualifying projects. publication contains select examples. HUBZONES sba.gov DC PACE The Historically Under-Utilized Business Zones dcpace.com (HUBZones) Program is a federal program administered by the U.S. Small Business Administration Implemented by the Department of Energy and (SBA). Qualified small businesses located in designated Environment (DOEE), DC PACE provides long-term HUBZones are eligible to compete for the program’s funding for building upgrades that reduce utility bills and set-aside contracts and get 10% price evaluation operating expenses. More than $34 million have been preference in full and open contract competitions. financed with the DC PACE program across 16 projects. GREEN & SUSTAINABLE
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