New development spurs DC's recovery
In an effort to keep pace with the rapid influx of new residents and to augment the strengthening economy, many developers have begun new projects in the region, which could ultimately help raise the values of houses for sale in Washington, DC. As apartment vacancy rates have dropped - they are down to 3.8 percent, according to Affordable Housing Finance - and more companies have moved to the District, the need for more residential, professional and commercial development has been amplified.
That's why so many local experts have been excited by the recent developments in the Capitol Square project. This nearly two-block project - located at 100 N Street, NE - is planned to bring a hotel, office space and residential properties to the neighborhood, according to DCMud.
The growing demand has given confidence to the developer, Chevy-Chase based JBG Companies, and the project has been gaining steam recently. The strong response has resulted in a green light for the hotel project, which will be a Hyatt Place hopefully completed in the near future.
The scale of the project demonstrates confidence for development in the area. All told, the project will add nearly two million square feet of property to the area, the source reports. As currently slated, this will be comprised of 200 hotel rooms, more than 300 residential units and 60,000 square feet of ground-floor retail space.
"It might be like a Bethesda Row/Woodmont Avenue experience," Dean Cinkala, a JBG partner, told the source, referring to the popular shopping and living destinations nearby.
The excitement surrounding this project is echoed by recent news regarding DC's construction sector, which is booming. The region experienced a 14 percent spike in construction employment in August, according to The Washington Post, reaching a total of nearly 15,000 new jobs. James Bohnaker, associate economist with Moody's Analytics, told the paper that the construction sector has been a bright spot since the recession.
Between the city's recent surge in residential and commercial development and its strong economic figures - the city's unemployment rate dropped to 5.5 percent in August, down a whopping 6 percent from August 2011 - there are several reasons to believe that the economic health of the District is strong and getting stronger. Whether you are looking for a job or a home upgrade, now might be a great time to check out some of the for-sale homes in the region.