DC Metro eyes developers for 11 stations
Washington Metropolitan Area Transit Authority, the DC region's transit agency, is looking to lease 11 prime spots in the District, Maryland, and Virginia, for transit-oriented development (TOD). The sites are mostly 4-6 acres, but two sites in Prince George's County are 25 and 36 acres, big enough to support major TODs, The Washington Post reports. The DC-area market for multifamily has been on fire. "Although many Washington real estate firms are bracing for the effects of federal budget cuts related to sequestration, Washington remains one of the country’s strongest apartment markets. Builders are at work raising new buildings on 14th Street in Northwest Washington, on H Street NE, and in Silver Spring, Arlington, Tysons Corner and elsewhere," says the Post. Much of the demand for multifamily is in walkable urban locations, especially near Metro stops. For some of the stations, the walkable environment will have to be created from scratch. Metro has begun preparing for that, as shown in the plan for the Suitland, Maryland, station, above, where the 25-acre parcel is located. The plan, on the WMATA website, shows mixed-use and placemaking.
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