More than 500 real estate professionals joined us this morning at Bisnow’s Multifamily Annual Conference at the Washington Convention Center. Panelists said multifamily projects aren’t successful until a sense of place is created, where residents are saying they live in the name of the development rather than the town or city. Developers are creating sense of place by bringing in grocery stores like Wegmans and Harris Teeter and other conveniences and organizing community events like the annual holiday tree lighting so people get to know each other. Multifamily projects have less tenant turnover if residents can point to one or two friends in the neighborhood.
Stay tuned for more BMAC coverage, including DC Mayor Muriel Bowser's reasons for pouring $100M in affordable housing and the impact hospitality is having on multifamily.
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