Michael Stevens Speaks at IPED
On March 31-April 1, 2005, The Institute for Professional and Executive Development, Inc. (IPED) held a seminar and networking event on development in Washington, DC.
The two-day event explored the District’s overall economic development renaissance and its ranking as one of the strongest and most dynamic economies in the country. With the District having over $34 billion in commercial and residential development since 2001, many developers and investors are interested to learn more about the District.
The seminars featured such topics as The Next Frontier: Anacostia Waterfront; Baseball Stadium Update; and Mixed-Use Developments, Retail and New Markets Tax Credits. Washington, DC Marketing Center President and CEO Michael Stevens was a guest speaker at the Mixed-Use seminar.
The topic of Mr. Stevens’ presentation was Retail Development in Washington, DC. Included in his presentation was the fact that the city remains a largely underserved market due to less retail per capita per square foot than surrounding suburbs in Maryland and Virginia. Additionally, District residents often must cross stat lines to purchase basic goods and services; this is especially true east of the river.
While the initial information relayed by Mr. Stevens was humbling, the growth statistics he provided were compelling. For instance, the District is the sixth most dense city in the United States, with 565,000 residents in a 63 square mile area – nearly 9,000 residents per square mile; the average household income in the District is over $70,000, the daytime workforce population is made up of over 880,000 workers, and the District receives approximately 19 million visitors a year. After a nearly 30-year population decline, the District’s population has stabilized and the city is exhibiting modest growth with over 41,000 units of housing completed or in production.
Mr. Stevens also highlighted 17 mixed-use projects that are planned, proposed and/or under construction in the city. These projects demonstrated the growth of the District’s economy and the future of retail and housing development in the city.
The Washington, DC Marketing Center website offers substantial information about economic development in the District of Columbia.