Date(s) - September 23, 2022
12:00 pm - 1:30 pm
At the September LAIGW meeting, members will be able to learn about Metro’s Metro first ever Strategic Plan for Joint Development, a detailed roadmap to increase private development opportunities on Metro-owned land. The bold 10-year initiative establishes a goal to execute 20 joint development agreements by 2032, strengthening coordination with local jurisdictional partners and streamlining processes for private development partners.
To register, go to this link on Eventbrite. Deadline for registration is September 20.
Metro’s joint development program is critical to its mission to provide safe, reliable, and affordable transportation and delivers valuable benefits for Metro and the region by:
- Increasing Metro ridership from new residents, workers, and visitors;
- Generating new revenue from fares and real estate proceeds that support Metro’s operations;
- Fostering sustainable regional growth and competitiveness by creating new housing and business opportunities near transit; and,
- Generating new state and local taxes on formerly undeveloped and tax-exempt land.
Metro’s remaining joint development portfolio includes future opportunities at 40 stations. Development of these sites could multiply the program’s impact to date by producing:
- 31 million square feet of new development
- 26,000 new housing units
- 9 million new annual Metro trips and $40 million in annual Metro fare revenue
- $50 million in annual lease revenue to Metro
- $340 million in new annual tax revenue to local and state jurisdictions
The presentation will be made by Steven Segerlin, Director of Planning, for WMATA’s Office of Real Estate and Parking.