Mayor Bowser Announces $155M in Foreign Investment for Development Projects
Mayor Bowser has announced $155M of foreign investments will be flowing into major development projects in DC.
The announcement was made at the InvestDC forum, an event held in Shanghai that gave DC-based real estate development firms and small businesses the opportunity to pitch projects and services to Chinese investors. “For the District of Columbia to reach its full potential, we need more investment in affordable housing and job creation. As Mayor, I will continue to identify opportunities—at home and abroad—that strengthen communities and create pathways to the middle class,” Mayor Bowser said.
Two projects were selected to receive funding from EB-5 Investors and the Wailian Agency. The Wharf/Southwest Waterfront, which is expected to create 215 affordable housing units and 1,000 new jobs, will receive $100M. Skyland Town Center, which will add 300 jobs and 145 affordable housing units, will receive $55M.
DC continues to be a popular target of foreign investors and the popular EB-5 program, which has helped foreign investors invest $3.7B into developments in major cities across the US. Since 2003, there have been nearly 150 foreign direct investments projects announced in DC, which will total $800M in capital investments upon completion. The District aims to attract at least $500M in foreign investment within the next five years. [DCGOV]