DC Metro Update 04/08/22

Metro Announces Ambitious Development Plan for 31M sq. ft. and 26,000 Units 

The Washington Metropolitan Area Transit Authority has released a 10-year outline to encourage new development around nearly a third of its stations.

The transit authority aims to reach 20 new agreements with developers to build around Metro stations by the end of 2032. The Metro specified several stations in which it plans for solicitations to those agreements by the end of 2023. 

The proposal could create up to 31M sq. ft. of new space, providing up to 26,000 new housing units 

The transit authority said new development could generate up to $40M in annual Metro fare revenue and $50M in annual lease revenue. 

The next phase of TOD is centered around stations away from D.C.'s central business district. There are six stations, Brookland-CUA, Capitol Heights, Deanwood, Fort Totten, Huntington and North Bethesda, in which the Metro plans to issue joint development solicitations by the end of 2023, and could bring almost 4.9M sq. ft. of development.

Between 2024 and 2026, Metro plans joint development solicitations for Braddock Road, Friendship Heights, two sites at Twinbrook and West Hyattsville. Later in the decade, Metro plans to pursue additional projects in Prince George's and Montgomery Counties.

The Metro has had a difficult time coping with the pandemic. Ridership is still well-below normal, and it appears they are bullish in their predictions for a comeback of transit. 

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