After a total freeze in the construction of rentals and condos on the corridor from 2009 through 2011, an estimated 1,238 units are being built now, according to the new development report from the Washington D.C. Economic Partnership. These homes are all expected to be ready by late 2016 or early 2017.
The 92-page document highlighted growth citywide, with this data on Ward 6 neighborhoods:
- Capitol Hill and Southwest had one of the highest apartment occupancy rates in the third quarter of this year, with more than 97 percent of units full. Only the “Howard University-Mount Pleasant-Brightwood” area had fewer available apartments, with a tenth of a percent less availability.
- The creation of a 39,000-square-foot Whole Foods store and apartments was listed among the top retail projects citywide. The development was estimated to cost $190 million and open in the fourth quarter of 2016. The Wharf redevelopment was also highlighted, with an estimated cost of $806 million and a late 2017 completion date.
- The report gave a snapshot of average retail rental rates per square foot in the third quarter of this year. Capitol Hill: high $30s to $65 per sq. ft. Capitol Riverfront: $35-50. H Street NE: $35-55. NoMa: $35-50. Southwest: low $30s to 55. By way of contrast, Georgetown had averages of $55-200 per square foot.