Mayor Vincent C. Gray Deputy Mayor Victor L. Hoskins

SEQUESTRATION’S IMPACT ON

THE DISTRICT OF COLUMBIA

MMDC Multifamily Forum

March 20, 2014

Mayor Vincent C. Gray

Victor L. Hoskins

Deputy Mayor for Planning and Economic Development

What people see:

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What really exists:

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DC is the place to be

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560.0

580.0

600.0

620.0

640.0

660.0

680.0

700.0

2005 2007 2009 2011 2013 2015 2017 2019

The District is an increasingly attractive place to live

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DC population

Source: Census

Five-Year Economic Development Strategy

District’s first-ever business-based economic

development strategy

Targeted 7 sectors including:

– Retail

– Hospitality

– Technology

– Professional Services

– Federal Government/ Contractors

– Eds & Meds

– Real Estate/Construction

• Financial support from both private and public

sectors

• Worked with four universities to develop the

100+ page strategy

• 185+ private and public leaders interviewed

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Business Development and Strategy

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DMPED Successfully attracted businesses

WDCEP Successfully attracted businesses

34 initiatives completed or started

18 initiatives on deck

17,750 jobs resulting from first year’s

activities. On track to reach

100,000 jobs in 5 years

168 successfully attracted businesses

$281 million cumulative tax revenue resulting

from first year’s activities. On

track to exceed $1B in revenues

over 5 years

Five-Year Economic Development

Strategy

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$4.8B Total project costs

21,753 Total jobs

$2.7B Stabilized tax revenue over 30 years

66 Projects completed or under construction

1.4M SF of retail across 24 projects

5,284 Total housing units

1,884 (37%) Affordable housing units

DMPED Real Estate Development

City Center-Parcel A: Before

Status:

• Closed on March 22, 2011

• Construction started March 25, 2011

• First move-ins December 2013

• 10th and I streets open on

December 9, 2014

Development Program Plan:

• 1.6M Total square feet

• 295,000 Retail SF across 40 stores

• 674 Residential units

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City Center-Parcel A: After

Benefits:

• 1,360 construction jobs

• 3,787 permanent jobs

• 92 Affordable housing units

• $129M Estimated tax revenues (over 30 years)

• Reconnected street grid

• 1,500 Parking spaces

Retail

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Source: Google street view

Southwest Waterfront

Phase 1 Benefits: • 1,150 Construction jobs

• 2,100 Permanent jobs

• 891 Residential units (219 affordable)

• 182,500 Retail SF

• 683 Hotel keys

• 225,000 Office SF

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Google street view

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Quality Affordable Housing: Park 7

Benefits:

• 200 construction jobs

• 150 permanent jobs

• 346 Affordable housing units

• 20,000 square feet of retail

• $67 million mixed use

development

Mayor’s Affordable Housing Initiative (DMPED, DMHHS, DHS, DHCD, DCHA, DCHFA)

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$187 million District investment

3,137 Total affordable units

$589 million Total development

10,000 units by 2020 (10X20)

47 Pipeline projects

*As of November 2013

DHCD’s Development Pipeline*

5,136 Units completed and under construction

On track to surpass 10,000 unit goal

Questions?

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