Development Performance Oversight March 5, 2017 What does DMPED - - PowerPoint PPT Presentation

Office of the Deputy Mayor for Planning & Economic Development Performance Oversight

March 5, 2017

“What does DMPED do?”

Implements the Mayor’s Economic Development vision

Three Primary Pillars: 1. Increase Affordable Housing 2. Create Jobs for DC Residents 3. Generate Tax Revenue

2

Real Estate and Housing Business Development

• Projects across all 8 Wards
• Portfolio worth more than $13

billion

• New Communities Initiative
• Large to small scale
• Affordable housing
• Attraction and #ObviouslyDC
• Economic Strategy to grow economy

inclusively

• Great Streets to help longtime

businesses

• Tech and Innovation focusing on

inclusion

• International Business Development

2017 Accomplishments

3

Walter Reed Campus transfer from Federal Government P P P $3M investment for new grocery

• ptions in D.C. food desserts

P P Ribbon cutting at the Hine School mixed-use development P P P West End Library opening P P P DC Innovation fund RFI issued P P Ribbon cutting at the DCI and LAMB school at Walter Reed Campus P Joint Capital Region Joint Trade Diplomatic Trade mission to Canada P P

• St. Elizabeths R.I.S.E.

Demonstration Center receives LEED-S Gold Certification P Capitol Vista Land disposition Agreement signed P P P DMPED attends Consumer Electronic Showcase in Las Vegas P P DMPED Delivering Tracker launches P Doing Business Guide Released P P 3rd Annual #innoMAYtion P BEACON Launches Grant Program P P #ObviouslyDC Amazon Bid P P P The Wharf Development opening P P P Autonomous Vehicle Working group P Entertainment Sports Arena Topping Out P P P Yelp’s Lease for New Office Space P P 2017 Great Streets Grant Recipients Announced P P P Walter Reed Dreams Community Block Party P P P P DC’s First Inclusive Innovation Incubator Opens P P P P Neighborhood Prosperity Fund P P DC Economic Strategy Released P P P P Rose Center for Public Leadership

• n St. Elizabeth’s Campus Redev.

P P P New nonstop flight from New Delhi P P Eastern Branch Boys and Girls Club Our RFP public meetings P P P P Economic Intelligence Roundtable P P P DC United Stadium Groundbreaking P P Business Incentive Tool Released P P P

4

• DHCD Funding

– Projects include Parkway Overlook, Wah Luck House, South Capitol Multifamily

• DMPED Land Dispositions

– 30% of housing affordable at 30% AMI & 50% AMI

• Housing Preservation Strike

Force

– Implementing recommendations, including preservation unit at DHCD

• Strengthening Inclusionary

Zoning

• Homeownership and Vacant

Properties

– Vacant to Vibrant

Multi-pronged strategy across all 8 Wards

Affordable Housing: Highlights

• Over 1/3 of a billion dollars invested in Housing Production Trust Fund since Jan 2015
• Almost $140 million invested in 2017

5

Affordable Housing: Tracker

Updated monthly at

• pen.dc.gov/economic-intelligence

Job Creation: DMPED Real Estate Projects

6

Under Construction Pre- Development In Negotiation Total Projects 14 13 8 35 Total Project Costs $3.9B $1.3B $0.5B $5.7B Construction Jobs1 11,457 3,125 2,988 17,570 Permanent Jobs 10,012 1,735 761 12,508 EIM Total Jobs 2 21,469 4,860 3,749 30,078

1Full-year equivalent 2Economic Impact Model estimate for total direct permanent tax revenue over 30 years plus construction period tax revenue

Note: Table includes only DMPED Development Portfolio and Public projects in the construction, pre-development, and negotiation phases. The table does not include an additional projects in the planning, RFP development, and solicitation phases.

As of Feb 2018

Business Development: Tech, Innovation, and Creators

• #ObviouslyDC and Tech Attraction attracted Yelp to

the District and made shortlist for Amazon HQ2 search

• Economic Strategy Report released report and now

implementing framework and actions

• EE100 Business Development team meeting with

DC’s 100 largest employers and growing companies

• IN3 Inclusive Incubator opened with partners Howard

University and Luma Labs in March 2017

• SXSW DC delegation including Made in DC and

music

• InnoMAYtion showcasing DC’s innovation

ecosystem

• 202 Creates featuring artists, makers, and

entrepreneurs

– showcasing the District’s diverse and vibrant creative economy in all 8 Wards.

7

Making DC a leader in Inclusive Innovation

Business Development: Neighborhood Investments

• Great Streets

– Total of 274 Grantees since 2015 with a total investment of $14.3M

• Launch of Neighborhood

Prosperity Fund

– Supports gap funding for commercial components of mixed-use real estate, or retail development projects in targeted census tracts

• Industrial Revenue Bond

(IRB) Tax Exempt Bond Financing Program

– 14 Projects financed in FY17 totaling $876,960,633.41

8

Promoting business development across all 8 Wards

Real Estate Highlights: 2017 Fall Legislative Agenda

9

Real Estate Highlights: Moving New Communities Forward

10

Barry Farm

• Offsite construction completed
• Currently in predevelopment
• Demolition; over 1,400 total units planned and disposition

application approved

• 346 units completed

Lincoln Heights/Richardson Dwellings

• Currently in the planning stage
• 255 units completed; over total1,594 units planned
• 5201 Hayes Street Offsite currently in construction
• Strand Development Finance Agreement approved by

Council

Northwest One

• OurRFP completed
• November 2017 Development Team selected
• Over 500 units completed; 800+ total units planned

Park Morton

• Bruce Monroe LDA approved by Council
• Development Finance Agreement Approved By council
• 83 Units completed; 462 units planned

5,465 Units Planned & Completed: 1,596 Replacement Units 2,695 Affordable Units 1,174 Market Rate Units

11

• 67-acre former army medical center will

include:

• 2,100 housing units, including veterans’

housing

• 2 charter schools
• Neighborhood-serving retail & large

grocer

• Healthcare
• Open space
• Site acquired from the Army and disposed of

to Master developer who is implementing first phase of horizontal development

• 2017: Site Activation/Interim Uses

Real Estate Highlights: Walter Reed

Real Estate Highlights: St Elizabeths East

12

• Phase 1 Approved by Council; LDA

signed by the developer

• Entertainment & Sports Arena (ESA)

under construction and anticipated to complete in Fall 2018

• Affordable housing under construction in

Q2 of FY18

• First stage of Infrastructure work

(including demolition) to complete in 2018

13

Real Estate Highlights: McMillan

• Will feature 12 acres of public, open and

green space; a 6.2 acre park; community center with a pool; a full-service grocery store; restaurants and retail; about 650 units of housing (20% of those affordable); and healthcare facility space.

• The groundbreaking occurred in

December 2016. DMPED is working closely with DGS to complete critical stabilization and preservation work.

Real Estate Highlights: Notable Milestones

• DC United: Under construction

– Broke Ground on Audi Field Feb 27, 2017; “Topping Off” on Jan 26, 2018.

• Capitol Crossing: Delivery mid-

2018

– Projected to create 4,000 construction jobs and support 6,500 permanent jobs.

• The Wharf: Phase 1 Open

– Substantial Completion on Oct. 12, 2017

• Franklin School: Transferred to

developer, Museum of the Word ground breaking May 4th

• Union Market TIF: will bring multi-

family buildings, affordable housing, retail and office space

14