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Washington DC Development Report: 2020/2021 Edition

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Washington DC Development Report: 2020/2021 Edition DEVELOPMENT REPORT 2020 / 2021 EDITION In Public-Private Partnership with 801 NEW JERSEY AVE NW | DESIGNED BY WDG | DEVELOPED BY WOOD PARTNERS WOOD BY WDG | DEVELOPED NW | DESIGNED BY 801 NEW JERSEY AVE 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 Washington, DC Development Report 2020/2021 Edition possible. PUBLIC SECTOR PARTNERS OFFICE OF THE CHIEF TECHNOLOGY OFFICER PRIVATE SECTOR PARTNERS BOARD MEMBERS EXECUTIVE COMMITTEE Anitra Androh Angie Gates Mike O'Hara Partner, Nelson Mullins Director, DC Office of Cable Television, Partner, Bohler DC John Falcicchio / Co-Chair Joseph Askew Film, Music & Entertainment (OCTFME) Lindsey Parker Deputy Mayor, Vice President, Government Relations, Dr. Brent Glass Chief Technology Officer, Office of the Deputy Mayor for Verizon Executive Director, Office of the Chief Technology Officer (OCTO) Planning and Economic Development Jack Boarman National Building Museum William Rich Donna Cooper / Co-Chair Managing Partner, BKV Group Roslyn Hopkins-Fernandes President, Delta Associates Region President, Pepco Steven Boyle Director of Account Management, Tara Scanlon Major Accounts & Public Sector Markets, Richard Lake / Co-Chair Emeritus Chief Development Officer, EDENS Partner, Practice Group Leader, UnitedHealthcare Managing Principal, Jean-Luc Brami Holland & Knight Roadside Development Principal, Gelberg Signs Emmanuel Irono Shawn Seaman President & CEO, Motir Services President, Hoffman & Associates Omar McIntosh / Vice Chair Anita Butani Stanley Jackson Regional Executive, Senior Vice President, Project Executive, HRGM Corporation Joseph Torraca President & CEO, Anacostia Economic Smoot Construction Vice President of Sales & Emmanuel Irono Development Corporation (AEDC) President & CEO, Motir Services Business Development, RCN Kenneth Brewer / Secretary Caroline Kenney Andrew Trueblood Executive Director, Ernest Chrappah Managing Director for Public-Private Ventures, Director, Department of Consumer & Director, DC Office of Planning H Street Community Development Corporation Urban Atlantic Regulatory Affairs (DCRA) Mitch Weintraub Timothy F. Veith / Treasurer W. Wolfgang Lewis Managing Partner, Cordia Partners Regional President, United Bank Brunson Cooper Senior Director, Enterprise Services Managing Director, for the Beltway Region, Comcast Business Kristi Whitfield Olivia Byrne / General Counsel Corenic Construction Group Director, Department of Small & Local Partner, K&L Gates Lisa Mallory Business Development (DSLBD) Colette Dafoe CEO, DC Building Industry Association (DCBIA) Keith J. Sellars / President DC Office Managing Partner, Nixon Peabody Donna Woodall Thomas Nida President & CEO, Director of Citizenship & Public Affairs, Josh Etter Executive Vice President, Washington DC Economic Partnership Director, Development, Foulger Pratt Microsoft City First Bank Sybongile Cook / Jennifer Eugene Karima Woods Kristina Noell Commissioner, DC Department of Insurance, DMPED Representative Manager, Utility Sales, Executive Director, Anacostia BID Securities and Banking (DISB) Director of Business Washington Gas Development & Strategy, Greg O'Dell Kim Dreux-Kelly President and CEO, Events DC Office of the Deputy Mayor for Executive Director, Think Local First Planning and Economic Development WASHINGTON, DC DEVELOPMENT REPORT 2020 / 2021 EDITION 801 NEW JERSEY AVENUE DESIGNED BY WDG ARCHITECTURE | DEVELOPED BY WOOD PARTNERS A publication of the In partnership with WDCEP The Washington DC Economic Partnership based on (WDCEP) is a non-profit, public-private independent organization whose core purpose is to thinking and actively position, promote, and support objective insights. economic development and business We stay one opportunities in Washington, DC. step ahead of the vibrant and evolving economic Our mission is to promote DC’s economic landscape by monitoring the pulse of and business opportunities and support DC’s developers, startups, entrepreneurs, business retention and attraction activities. and large and small businesses. Through historical knowledge of the city’s business and economic climate; WDCEP Real Estate Services accurate analytics, data, and research; and • DC Real Estate Search tool community partners and access, WDCEP is (search.wdcep.com) the central organization in Washington, DC • Development Data that connects public and private sectors, (wdcep.co/dcdr) neighborhoods, and communities to local, • Local Market Intelligence national, and international audiences. (wdcep.co/neighborhoods) • Maps (wdcep.co/maps) WDCEP works with its partners in the city: to • Site Location Assistance facilitate dynamic relationships with technology visionaries, artists, real estate entrepreneurs, Learn more at wdcep.com or non-profits, and global enterprise leaders engage with us @WDCEP. THE DC DEVELOPMENT REPORT The DC Development Report is a summary of projects is constantly being updated, of the major development and construction for the purposes of this publication all projects in the District of Columbia. WDCEP data reflect project status, design, and tracks major developments throughout the information as of December 2020. year and performs an annual “development census” in the month of December. This Although every attempt was made to involves soliciting contributions from ensure the quality of the information more than 80 developers, architects, contained in this document, WDCEP and contractors, and economic development Delta Associates make no warranty or organizations to provide updates to more guarantee as to its accuracy, completeness, than 300 projects. While our database or usefulness for any given purpose. DEVELOPMENT OVERVIEW 4 ECONOMIC OVERVIEW 12 DEVELOPMENT OVERVIEW 14 20 YEARS OF GROWTH 16 MOST ACTIVE DEVELOPERS, ARCHITECTS & CONTRACTORS DEVELOPMENT SECTOR 21 OFFICE 35 RETAIL 49 RESIDENTIAL 63 HOSPITALITY 75 QUALITY OF LIFE NEIGHBORHOOD DEVELOPMENT 88 BUZZARD POINT 89 SAINT ELIZABETHS EAST APPENDIX 92 METHODOLOGY 93 ACKNOWLEDGMENTS DEVELOPMENT OVERVIEW DEVELOPMENT OVERVIEW ECONOMIC OVERVIEW DEVELOPMENT OVERVIEW MOST ACTIVE OVERVIEW ECONOMIC OVERVIEW ECONOMIC OVERVIEW By: Jonathan Chambers, Vice President, Delta Associates U.S. ECONOMIC RECOVERY The COVID-19 pandemic has wreaked havoc on the nation’s growth in the third quarter. Personal consumption, which has economy since spring 2020. In perhaps the most economically been the backbone of the nation’s economic growth over the volatile year in American history, real GDP plunged by -31.4% in last decade, was somewhat more stable, falling by -33.2% in the the second quarter, but recovered by 33.1% in the third quarter, second quarter and rebounding by 41.0% in the third quarter. closing the year with annual growth of -3.5%—the weakest GDP For all of 2020, personal consumption decreased -3.9%, while growth since 1946. Economic growth was initially dragged business investment decreased -5.3%. The only positive growth down by a precipitous decline in economic activity triggered sector during the year was federal spending, increasing 4.4%. by widespread “stay-at-home” orders related to the COVID-19 The pandemic-triggered recession ended the longest economic pandemic but rebounded during the summer as businesses expansion in U.S. history, but the current focus is the strength of reopened and new virus cases declined. the economic recovery, which has waned in the fall. Business investment has been on a wild see-saw ride, plunging However, the economic fallout and subsequent pace of recovery by -46.6% in the second quarter before recovering to 86.3% have been stronger than many economists had expected. Despite THE DISTRICT’S GDP YEAR-OVER-YEAR GROWTH RATE 8.0% 6.0% 4.0% 3.2% 2.0% 0.0% -0.9% -2.0% -2.8% -2.9% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020* DC Total DC Public DC Private U.S. Total Source: Bureau of Economic Analysis, Delta Associates; December 2020. *Q3 2019–Q3 2020 growth.. 4 © 2021 WASHINGTON DC ECONOMIC PARTNERSHIP ECONOMIC OVERVIEW some economic recovery over the summer, it appears that mid-2021. Even after the vaccines become widely available at both economic output and employment could hit a ceiling and pharmacies and supermarkets, the majority of Americans will stabilize at lower levels than they would have remained in the likely not be inoculated until summer. absence of the pandemic. That gap could take several years to close, especially in more vulnerable industry sectors such as DISTRICT OF COLUMBIA leisure/hospitality. ECONOMIC RECOVERY Consumer spending was the primary and most consistent driver of economic expansion during the last recovery period Following a year of renewed economic growth, the Washington but fell precipitously during the initial stages of the pandemic. metro area economy was upended by the COVID-19 pandemic The good news is that this critical pillar of the economy has in March, when most private business in the region came bounced back. Although consumer sentiment remains about to a virtual standstill. Many area businesses were forced to 20% lower than a year ago as of December, outstanding dramatically reduce the size of their active workforce, to closer consumer credit has rapidly expanded over the summer and match costs to the drop in revenue, although service firms home and auto sales are booming thanks to lower interest were able to continue operating remotely. While much of the rates. The bad news is that stimulus policies that
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