D.C. development pitches abound, even in a real estate recession
D.C. is on the cusp of new development across the city, even amid what seems to be a real estate recession.
In its annual development report, the Washington D.C. Economic Partnership tallied 77 projects slated for delivery in 2023, totaling 10 million square feet and $3.9 billion in estimated construction cost. Another 34 projects totaling 9.1 million square feet and $3.1 billion in construction cost are estimated for 2024. But many projects have recently run into delays because of financing constraints.
It’s certainly a slowdown from the past five years, each of which have seen at least $4.1 billion in new work completed, per the WDCEP.
In the gallery below, take a look at projects that have been pitched this year. Some of them are new iterations of years-old ideas, but that’s how things tend to go in D.C.
Then there’s the conversion of office to residential, a popular trend given rising office vacancy rates — and one the District wants more of — that has seen numerous proposals…
Read the full story from the Washington Business Journal.