Apartment Development ‘Starting To Ramp Up’ In D.C.-Area Opportunity Zones

Courtesy of MRP RealtyA rendering of MRP’s Bryant Street project, currently under construction in an opportunity zone

The 704 Hwy corridor that runs through the heart of Glenarden is prime for development as it is the location of the one opportunity zone area in the city. Mayor Estes is vigorously looking for growth and development to create jobs and encourage new retail and housing along this corridor.

The opportunity zone program took some time to begin spurring new development, as the federal government spent months finalizing the regulations, but it finally appears to be impacting apartment construction in the D.C. area.

Projects totaling 5,759 apartment units are currently under construction in the D.C. area’s opportunity zones, comprising 20% of the region’s active development, according to Delta Associates. That total is up from 4,324 units under construction in those same areas in Q3 2018.

“In the Washington Metro area, there are over 90 opportunity zone tracts, and apartment development is starting to ramp up in these areas,” Delta Associates President Will Rich said Wednesday on the firm’s Q3 Market Overview & Awards for Excellence webinar.

Read more: Apartment Development ‘Starting To Ramp Up’ In D.C.-Area Opportunity Zones

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.