DC Market Update – Q1 2021
MOTOREFI RELOCATES HQ TO DC
After raising $19.4 million in 2020 and early 2021, auto refinancing startup MotoRefi has announced it will relocate its operations to the District.
WDCEP released its 20th annual DC Development Report, which provides insight and analysis into the District’s economy, real estate expansion opportunities, and future areas of growth.
Workforce & Economy
Baltimore-based money management firm T. Rowe Price Group is opening a downtown DC office
The firm selected DC to help it attract more investment talent as it plans to expand a new subsidiary in 2022.
More to Know:
- DC is welcoming American subsidiary of Italian company Fincantieri, which has leased more than 20,000 SF.
- Several DC-based companies have completed successful acquisitions over the past two quarters. Fortune 1000 company and commercial real estate data provider CoStar acquired Emporis, Homesnap, and Houses.com in late 2020, while legislative policy tracking platform FiscalNote acquired Oxford Analytica, a geopolitical analysis and advisory firm, in early 2021. Business news outlet Industry Dive will expand its technology coverage after acquiring Mobile Payments Today as well.
- On the heels of last year’s announcement about the 2021 launch of FanDuel Sportsbook at Audi Field, MLB confirmed that BetMGM Sportsbook would open at Nationals Park this summer. These venues will join Capital One Arena’s William Hill Sportsbook and the DC Lottery’s GambetDC as sports betting options in the District.
- Northeastern University will open a 12th campus when it expands from Boston to the DC metro area. The school plans to dedicate half the space in Rosslyn, VA to graduate-level courses and other educational uses, with the rest supporting its federal defense research initiatives.
- DC-based companies that have successfully raised funds this past quarter include student loan startup MPower Financing ($30 million); customer success software platform ChurnZero ($25 million); and on-demand workspace provider WorkChew ($2.5 million seed round), which will be increasing its national presence from three to ten cities this year.
Real Estate & Housing
District announces new opportunity at 180-acre St. Elizabeths East campus to advance redevelopment vision for a new mixed-use neighborhood
At its annual March Madness event, the Office of the Deputy Mayor for Planning and Economic Development announced a request for proposals to develop three parcels at St. Elizabeths East. The site program will include residential, office, educational, and ground-floor retail uses, community uses, and an incubation/entrepreneurship hub.
See our interactive map to learn more about the Saint Elizabeths East Campus plan.
More to Know:
- Phase II of The Yards will expand the waterfront development’s total size to 3.4 million square feet across 48 acres to create the largest contiguous project in the region.
- HUD announced it will provide $38.8 million from its Section 108 loan guarantee program to support the District’s rehabilitation of housing for households earning up to 80% of the area median income.
Transportation & Infrastructure
DC will invest $35 million at traffic circle to improve pedestrian safety and vehicular access to downtown and other employment centers in the District
The District will pay $13 million for a triangular parcel using eminent domain as part of a transformative plan to reconfigure Dave Thomas Circle. The traffic circle, home to a Wendy’s and informally named for its founder, is considered one of DC’s most dangerous intersections based on the volume of traffic safety complaints received.
More to Know:
- The new 14-gate concourse at Reagan National Airport is slated to open April 20.
- The Finance Committee of the WMATA Board of Directors approved $360 million in bonds to cover construction, replace vehicles, create a mobile app and fare system, and fund other capital improvements estimated at $22 billion over the coming decade.
- The District has commenced overhauling 16th Street NW to improve bus speeds, facilitate pedestrian crossings, and incorporate other safety and efficiency upgrades with completion of the three-mile-long project estimated for spring 2022.
DC In the News
- The District maintained its #2 position on the list of the “Best Cities for Women in Tech” published by financial technology company Smart Asset. The seventh annual ranking evaluated 63 U.S. cities based on income, workforce participation, and employment growth of women within the industry.
- Events DC and Destination DC issued a request for proposals for the creation of an advertising campaign that will encourage tourism as the District reopens.
- U.S. News and World Report placed two District hotels — the Four Seasons Hotel (#6) and The Jefferson (#8) — among the top ten in the country. Three others — Trump International Hotel, The Willard InterContinental, and The Hay-Adams — also ranked in the top 50.
- Marriott International’s family foundation has launched the Marriott-Sorenson Center for Hospitality Leadership at Howard University with an initial endowment of $20 million, in addition to establishing the Sorenson Hospitality Fund for Center programming.