300 joined us at the Downtown Renaissance for our Development Boom event, where the crowd heard DC Economic Partnership chief Keith Sellars report that retailers he spoke with in Las Vegas at ICSC were most attracted to the city's highly educated population. (We're so educated we'd like to quote poet John Keats' thoughts on retail: “Give me books, French wine, fruit, fine weather and a little music played out of doors by somebody I do not know.” ) The growth of New York Avenue was also a hot topic in Keith's many meetings in Vegas, particularly space available at the Hecht's Warehouse and Shops at Dakota Crossing projects.
New neighborhoods are dependent on the consumer's desire to live, work, and shop in that place, says Monument Realty's Doug Olson (right), and the shopper/worker/resident will ultimately determine whether a neighborhood takes off. (You can lead a shopper to water, but you can't make him pay $4 for it.) "None of us [developers] can impose our will on the consumer," says Doug, with Fisher Brothers' Peter Cole. Peter, whose firm is busy finishing a high-end multifamily complex just off H Street NE, says the next development hotspots will be ones right along transportation hubs, mentioning Petworth as one he's keen to watch.
ARA's Drew White says emerging neighborhoods can be good deals for renters, relatively speaking. Here are stats Drew provided on average rents for one-bedroom units in the following neighborhoods:
Capitol Riverfront - $2,009
NoMa - $2,383
Mount Vernon Triangle - $2,500
U Street Corridor - $2,978
The crowd seems to be saying "Have a great weekend!" and to stay tuned for more Development Boom coverage Monday.
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