WDCEP & DMPED Conduct Tour of Georgia Avenue Corridor
On March 14th, the Washington, DC Economic Partnership (WDCEP) in partnership with the Office of the Deputy Mayor for Planning and Economic Development (DMPED) conducted the latest retail and restaurant site tour – this time along the Georgia Avenue corridor. The tour highlighted more than 80 available leasing opportunities in 13 neighborhoods, including Shaw, Pleasant Plains, Petworth, Parkview, Walter Reed, Central 14th Street and Columbia Heights. Tourists were joined by local business owners, real estate brokers, and District government representatives to aid them in finding the perfect location for their business.
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A bustling community of independently owned boutiques, restaurants and professional services, Georgia Avenue welcomes approximately 27,700 commuters by car every day and serves as a hub linking several nearby neighborhoods. A quick survey suggests more than 30 new businesses have opened along the Georgia Avenue corridor and surrounding neighborhoods over the past couple of years. Local business owners that gave remarks cited affordability, access to both Maryland and District residents, a solid customer base, and the opportunity to be a part of a neighborhood as reasons that influenced their decision to open their business on the corridor.
Andre Byers, Director of the Great Streets Initiative at DMPED provided information on incentive options available to retailers through the Great Streets Initiative – a District Government program that provides Tax Increment Financing and Small Business Capital Improvements Grants. Grant funds (up to a maximum of $85,000 each) may be utilized to reimburse the grantee for the purpose of capital expenditures to improve the subject property. The Tax Increment Financing is also available for larger scale development projects and accepts applications on a rolling basis.
Some of the major sites covered during the tour included:
• City Market at O Street (1400 7th Street, NW)
• Jefferson at Market Square (1514 7th Street, NW)
• The Beacon Center (6100 Georgia Avenue, NE)
• Walter Reed (6800 Georgia Avenue, NW)
• Shepherd Park Shopping Center (7814-7828 Georgia Avenue, NW)
• DCUSA (3100-3200 14th Street, NW)
WDCEP, in coordination with DMPED, will be conducting similar future site tours in other neighborhoods throughout the District. For more information about future tours or assistance in opening a business in the District, please contact Daour Diawara, WDCEP’s Manager of Business Development, by email at ddiawara@wdcep.com or by telephone at 202.661.8673.