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Washington (DC News Now) — Washington, D.C. leaders looking to revitalize struggling downtown unveiled plans Monday to revitalize the area. The amount is $401 million over the next five years, which they argue will erase years of lost tax revenue.
The so-called Downtown Action Plan and Downtown Public Realm Plan were announced at a news conference as a way to help the city grow its population by 15,000 people, even as the city has lost $240 million since the pandemic began. .
City officials estimate the plan will generate $483 million in annual revenue and create a mixed-use downtown that will attract people, businesses and tourists to the capital.
Golden Triangle and Downtown DC Business Improvement District leaders say a revitalization plan must be implemented if downtown is to survive.
“This is an investment with real returns, and the city must make it happen,” said Downtown DC President and CEO Jalen Price.
Price said the city is losing too much in downtown tax revenue and district officials are reluctant to invest even if the owners of the Washington Capitals and Wizards eventually leave downtown for neighboring Virginia. He said it must be done.
“Taxes are down $240 million annually, and this number will continue to decline in the absence of intervention and investment,” Geren said.
Two plans will be offered as measures to further enhance the appeal of downtown. The action plan targets five areas in the city: Penn West, Downtown West, Historic Green Triangle, Penn Quarter Chinatown, Penn West Equity, Innovation, and University Districts.
Public realm planning for public community spaces will also be significantly improved, city officials said.
“We believe these interventions are necessary, and we feel that we have proposed a very good comprehensive package,” said Leona Agridis, Golden Triangle President and CEO. he said.
Mayor Muriel Bowser, who attended the presentation, said the plan is critical, especially at a time when there is a fight to bring federal workers back downtown.
“We don’t want to send the message that our downtown is a ghost town,” Bowser said.
Trey Perez, 24, who just moved to downtown Washington, D.C., eight months ago, said downtown would become a ghost town if the Capitals and Wizards traveled to Virginia.
“I know a lot of companies are making statements about how much business they could lose without their teams,” he said. “I really don’t know how we’re going to continue to make investments like that if our team isn’t here.”
But city leaders say the plan remains viable even if the professional hockey and basketball franchises leave.
“We currently have plans actively underway to consider what the future of that location will be without a sports team to generate activity,” Geren said.
City officials say City Council members must approve investments, including $39 million requested in the next year to get the project started.
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