As downtown D.C. struggles to rebound from the pandemic, business leaders are asking the District to spend more than $400 million to reimagine what a fully functional downtown looks like in a new economy, News4’s Mark Segraves reports.
As downtown D.C. struggles to rebound from the pandemic, business leaders are asking the District to spend more than $400 million to reimagine what a fully functional downtown looks like in a new economy.
The pandemic has left many offices and retail spaces empty, and crime has people reluctant to come into the city. And now, the possibility that the Washington Capitals and Wizards could leave for Virginia has put the future of Capital One Arena and Chinatown in jeopardy.
All of these pressures come at a cost.
"Annual tax revenues every year are $240 million less from the downtown [area] than they were before COVID," said Leona Agouridis of the Golden Triangle Business Improvement District.
On Monday, business leaders presented their plans to turn downtown around, with ideas to:
- reinvent public spaces to better connect neighborhoods
- attract new businesses
- convert empty offices into housing
- reduce crime
"People have to feel safe in downtown in order for any of this to move forward," said Gerren Price of the Downtown D.C. Business Improvement District.
The estimated price tag for the recommendations: more than $400 million over the next five years.
It will be up to Bowser to decide which recommendations she will embrace, and more importantly which she will find money for.
"It's imperative that we're making strategic catalytic investments in growing our city and growing the economy of our city," Bowser said.
Some of the specific recommendations include more patrol officers on foot downtown, more mental health first responders, making it easier for businesses to get licenses and permits, and more tax breaks for startup businesses.
"And for anyone who is concerned, we want them to know that we put public safety at the top of our list of priorities, and we're going to continue to do so," Bowser said.
Bowser said the conversion of office space to housing is well underway, with five projects under construction now and 11 more in the design phase. Bowser hopes to attract another 15,000 people to move downtown in the coming years.
