What Would Metro do to Property Values?

This probably belongs in the Counting-Eggs-Before-They-Hatch Department, but what would a Georgetown Metro stop do to property values?

As discussed (a lot) here, there is a renewed effort to bring one, or even two, Metro stops to Georgetown. WMATA wants to do it by 2040. Georgetown civic groups want it by 2028. Regardless of when it gets built, its construction will have a transformative impact on how people get to and from the neighborhood.

And normally when such a significant project is constructed, it results in a boost to the property values. A study by Booz Allen points supports this conclusion. The report concludes that “property value premiums due to increases in accessibility [due to the construction of rail transit] range between 3% and 40%.” The report cites several real world examples of this. For instance, the report states that the median home price for homes in Southern New Jersey that are close to the PATCO line experienced a 10% premium.

A closer corollary may be Miami. The report found that the construction of a subway impacted home prices at most only 5%. It found, however, that the impact was greatest in higher priced neighborhoods. Continue reading

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The Morning Metropolitan

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Good morning Georgetown, here’s the latest:

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The Georgetown Metropolis

3000 block of R St.

 

3000 block of R St.

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What to Look Forward to in 2014

Despite sounding impossibly futuristic, 2014 is here. So what new things will come to Georgetown this year? While scarfing down the last of his Christmas cookies, GM put together this list of what he knows or thinks will arrive here this year. Add anything he missed in the comments!

Let’s Go Bowling

The Pinstripes bowling alley will be the first significant addition to the Georgetown neighborhood this year. It should be open by the end of January (the Concerts in the Park kick off party is scheduled to be there January 25th, so it definitely will be open by then).

Hopefully this will be an instantly popular venue for families. With a toddler with a winter birthday, GM expects to host at least a few of his daughter’s birthday’s here someday.

Filling in the Mall

Beyond Pinstripes, there are several large vacant spaces in the mall. This includes a space along M St. and at least one other restaurant venue (on the southwest corner). GM expects most of this space to be either filled or at least claimed by the end of the year.

Given the short term investment plan the mall’s owner (Angelo Gordon) typically has, GM suspects that the property will be back on the market either this year or next. Continue reading

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The Morning Metropolitan

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Happy New Year Georgetown! Here’s the latest:

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Happy Holidays

Snow-2013

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December 19, 2013 · 8:00 am

The Georgetown Metropolis

1600 block of Wisconsin Ave.

 

1600 block of Wisconsin Ave.

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Georgetown 2028: Public Space

C&O Canal

 

This week, GM is going through the fantastic recommendations from the BID’s Georgetown 2028 report. Yesterday he discussed some of the more significant transportation pieces of the report. Today he discusses the other major section of the report: public space.

The public space working group started from the simple notion that regardless of how one arrives at Georgetown, we’re all pedestrians once we get here. And as also mentioned yesterday, one of the underlying strategies of the report is to develop a “waterfront district” by bringing more commercial life K St. and the streets between K and M. And the public space recommendations address that head on by looking for ways to improve the streetscapes in the commercial sections of Georgetown.

The concepts put forward by the public space working group didn’t have the concreteness of the transportation working group recommendations. So some of these ideas are really just that: ideas. But they’re exciting nonetheless.

Gateways

One of the weaknesses identified by the report is the lack of a “gateway” at the entrances to Georgetown. There’s nothing really announcing that you’re here when you arrive. GM can’t tell you how many times he’s been stopped on the streets of Georgetown and asked by a tourist where Georgetown is.

The ideas pitched by the working group include more prominent signage at the main entrances to the commercial district. That could mean simply a freestanding sign, or a more radical approach like this on K St.:

gateway

 

(Again, this is just more of proposed concept, not a specifically proposed design)

Sidewalks

While GM would love to see permanently widened sidewalks on M and Wisconsin, that simply doesn’t have the support yet. But the report proposes the next best thing: temporary widenings. We saw this successfully done at the French Market last spring.

GM personally hopes this can provide proof of concept that the sidewalk should be widened at least every weekend, but even just occasional widenings would be a good start. Continue reading

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The Morning Metropolitan

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Good morning Georgetown, here’s the latest:

  • Fox 5 did a nice piece on the Georgetown 2028 report, but it mistakenly reported that the recommended gondolas were the Italian boat type, which isn’t really a bad idea either.
  • WBJ had another nice piece on it too.

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3100 block of N St.   3100 block of N St.

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