The Capitol Riverfront BID held its Annual Meeting Luncheon on Thursday, January 18 at Nationals Park to celebrate our 10th year of BID activities, as well as the accomplishments of our Clean Team and public and private partners. Over 275 attendees heard a summary of the BID’s activities over the past year, including new development that is occurring in all four market segments: retail, residential, office, and hospitality
At the annual meeting, the BID recognized three recipients of its Foundation Awards. The Public Sector Partner award went to DC Water for their Clean Rivers Project and new corporate headquarters being built on the Anacostia River. The Private Sector Partner award went to JBG Smith for their development efforts of the Federal DOT headquarters office building, the newly delivered 1221 Van residential building, and the West Half apartment building which is currently under construction. The Community Partner Award recognized JDLand.com founder Jacqueline Dupree for her efforts in documenting and chronicling the transformation of Capitol Riverfront through her website and photos.
Capitol Riverfront Clean Team members were recognized for their invaluable contributions throughout the public realm that make this neighborhood an inviting and attractive place to live, work, and visit.
The BID also released new research conducted by RCLCO Real Estate Advisors on the positive impact of the Capitol Riverfront neighborhood on the District’s revenue streams and taxes.. The study, titled Riverfront Recaptured: How Public Vision & Investment Catalyzed Long-Term Value in the Capitol Riverfront, documented how the District’s public investment of over $1.1 million in Capitol Riverfront is leveraging significant returns on that investment. This critical analysis highlights how this neighborhood has emerged as a major economic contributor to the District over the past decade. Findings of the study include the following summaries:
- The annual net fiscal impact of the neighborhood is expected to be nearly $132 million, more than triple what the neighborhood generated before the BID was created.
- The private sector has more than matched the District’s contributions to the neighborhood. To date, every dollar of public investment in the Capitol Riverfront has leveraged $1.92 of private investment.
- In 2018, Capitol Riverfront will generate $287 million in revenues to the District, more than 3.5 times what it generated before the bid was created in 2007.
- In 2018, Capitol Riverfront will generate:
- THREE TIMES more real property tax revenue;
- FOUR TIMES more income tax revenue; and
- FIVE TIMES more sales, meals, and hotel tax revenue than in 2007.
- $1.92 of private investment per $1.00 of public will exceed $8.00 by 2035.
- Capitol Riverfront’s net fiscal impact will exceed $8.3B by 2040.
Mayor Bowser and Charles Allen both made remarks at the luncheon, and spoke to 2018 being the Year of the Anacostia and the importance of the river and the public park lands to the District. Mayor Bowser spoke of her commitment to the river corridor through the financial package for the DC United soccer stadium (Audi Field) and the recent commitment of $4.7 million to Kingman and Heritage Islands. With the opening of the DC Clean Rivers project and the coming of the MLB All Star Game in July of 2018, there will be a renewed interest in the Anacostia river corridor as a major asset to the city and its residents. Mayor Bowser also remarked on the District being shortlisted as one of twenty sites that Amazon is now considering for its HQ2 project, stating that the Capitol Riverfront remains a great riverfront campus site opportunity for Amazon.
Councilmember Allen also thanked the Clean Team members who have made such a difference in the quality of the public realm, and reflected on the importance of Yards Park and Canal Park as world class parks and public investments that create community and a sense of place. Councilmember Allen was instrumental in securing long term maintenance funds for both of these parks.
The Capitol Riverfront BID released its 2017 Annual Report to the public and presented an overview of development highlights from the past year including:
- Five new residential buildings opened containing 1,667 units bringing our total unit count to 6, 236.
- 3,381 residential units are currently under construction in 15 different projects.
- Our total residential population is 8,400 and should reach 13,400 by the end of 2019.
- Three office buildings are currently under construction containing 488,700 SF of space.
- The Marriott Residence Inn containing 170 rooms delivered in 2017, bringing our total hotel room count to 737.
- 18 new retailers opened in 2017 including Rasa, CAVA, Orange Theory Fitness, District Winery, and Willow.
- At least 14 new retailers and restaurants will open in 2018 including Whole Foods, Circa, Open Road, Shilling Canning Company, All Purpose Pizza, barre 3, Chloe’ (opened), and Eighteen Eight Fine Men’s Salons.
The program concluded with a panel discussion that looked back on ten years of development and the forces that shaped Capitol Riverfront. Panelists included WC Smith CEO Chris Smith; Forest City Washington President Deborah Ratner Salzberg; Akridge Vice President of Development Adam Gooch; and JDLand.com founder Jacqueline Dupree.
The full report and the executive summary of the Riverfront Recaptured study, the 2017 BID Annual Report, and the development overview presentation boards from the BID’s annual meeting are all available on our BID website at www.capitolriverfront.org/resources.
2017 was quite a year for the Capitol Riverfront neighborhood and the BID as we experienced the largest development cycle in the neighborhood’s history and continue to be the District’s fastest growing neighborhood. The proposal for Amazon’s HQ2 project to occur in a large segment of our neighborhood only speaks to how far we have come over the past decade in creating a high quality, mixed-use riverfront community. 2018 will be special with the ongoing Year of the Anacostia, the opening of the Clean Rivers Project, the MLB All Star Game week, the 100 year anniversary of Anacostia Park, the opening of Audi Field, and the construction starting on the new Frederick Douglas Bridge.
Please visit us over the next few months as new restaurants open, more residential is added, baseball begins play in April, and the popular outdoor concerts and movies begin in late spring. It is compelling and interesting to see what a decade can bring as the Capitol Riverfront neighborhood continues to grow.