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Green Line Growth

Green Line Growth

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Published by jkarp1229

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Published by: jkarp1229 on Jan 13, 2012
Copyright:Attribution Non-commercial


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 A New Economic Engine Emerges from Georgia Ave/Petworth to Navy Yard/Capitol Riverfront 
 (Washington, D.C, January 12, 2012) Over the past decade,increasingly affluent young professionals and their employers havechosen to move into communities around Metro’s Green Line Corridorstations, a shift that remains below the radar of many real estate andeconomic observers, a new study released today reveals. The study,
 Greenprint of Growth: A Decade of Population Growth, Job Creationand Investment Along DC’s Green Line Corridor,
sheds new light onthe extent of changes taking place along the Green Line Corridor andtheir role in the District’s and regional economy.“This study debunks conventional thinking about the neighborhoodsalong the Green Line. We knew anecdotally that change has beenoccurring along the corridor but we didn’t have the hard data tounderscore what we were seeing until today. The results are dramatic,and demonstrate that the Green Line Corridor, and neighborhoodsalong that corridor such as the Capitol Riverfront, have caught up toand in some cases surpassed the traditional development corridors of NW DC along the Red Line and Northern Virginia’s Rosslyn-BallstonCorridor. The Green Line has become a desirable location and aneconomic engine for the District and the region creating a new spine of development that connects the city,” said Michael Stevens, ExecutiveDirector of The Capital Riverfront Business Improvement District,which commissioned the study.The study was executed by RCLCO, a widely respected real estate
advisory firm. Among the study’s findings:
The Green Line Corridor communities captured more young andaffluent households in the 2000’s than the NW DC Red Line orthe Rosslyn-Ballston Corridor.
Compared to the 1990’s, the Green Line Corridor captured nearly tentimes as many young households in the 2000s.
The Green Line Corridor captured 32 percent—nearly one third—of all growth in 18-to-34-year-old households in the District duringthe last decade.
The study reveals new household incomes of new residents along theGreen Line Corridor are as much as 50 percent higher thanestimated by conventional data sources.
Stations along the Green Line Corridor are a magnet for high-payingprivate sector jobs. in the region, and are outcompeting areas inNorthwest D.C. and Arlington County.· Green Line Corridor station neighborhoods are the future: newdevelopment projected within a quarter-mile of the Green Line Corridorstudy area could generate $2.32 billion in additional tax revenue and19,000 permanent jobs over the next 20 years.The study affirms that the Green Line Corridor is out in front of theDistrict’s overall growth curve and can continue this growth into thenext decade and beyond. The connection to the Green Line Corridorand its aforementioned competitive advantages, combined with itsample development capacity, position the Capitol Riverfront/Navy Yardas a “receiving zone” for this development energy. Specifically, theanalysis conducted suggests that the Capitol Riverfront—given itsGreen Line access at the Navy Yard Station and its significant amountof development capacity—is among the most competitive locations inthe region for households, companies, and retailers.We are witnessing the re-urbanizing of America. Younger households – those between 18 and 34 years old – are an important driver of this

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