Moving Ahead Even before Williams became mayor, he was always amazed that the city had such tremendous untapped potential in its neighborhoods. “I was committed that as mayor, I would try to capture the economic growth in the city,” he says.
He has supported the economic growth in the city and hasn’t gotten in the way of it, says Neely. He let the market take over and produce a lot of housing.
The increase in new job creation and a healthy employment market is the primary reason why the district’s apartment market is so strong, says Drew M. White, director of The Apartment Group, a Cushman & Wakefield company.
“Washington, D.C.’s housing comeback reflects a pronounced change in both the perceived livability of the area from the resident point of view and the long-term opportunity from the apartment investor point of view,” says Greg Willett, director of research products at M/PF Research Inc.
With the addition of major attractions like the MCI Center, Washington has changed its reputation from a city that shuts down at 5 p.m. The Seventh Street corridor and Adam’s Morgan are attracting restaurants and retail, and people want to live in those areas, says Williams.
The image reversal from a crime-ridden city that shut down at 5 p.m. to a city where people want to live is due in large part to the mayor’s efforts. “Leadership is doing things; it’s not talking about doing things,” explains Marilyn Melkonian, president of Telesis, an affordable housing developer in Washington, D.C. “I think he’s going in the right direction and will continue to be more effective.”
And if there is any doubt that the district is experiencing all the benefits of a renewed interest in urban living, Williams suggests coming to Washington to see for yourself. “It’s a stable investment,” he says. “The benefits include a huge federal and international presence that is not going anywhere, plus a tourist economy. In addition, the healthcare industry has a very strong presence, and the technology sector is one of the strongest in the world. So, you’ve got all of the economic ingredients that foster stability.”
He says the city is like a volcano; it’s just sitting there dormant with a vast untapped potential for new housing and businesses. “We have good leadership in the city and I think more and more people are realizing it,” he says. “I think three or four years from now the revitalization of Washington, D.C., will be a national story.”