Metro announces solicitation for development of five properties
Authority seeks to work with private sector to create successful developments
The Washington Metropolitan Area Transit Authority (WMATA) has announced that, for the first time in seven years, it is releasing a multi-site solicitation of properties for development into transit-oriented projects.
As the Washington region continues to grow, transit-oriented projects are increasingly attractive to both residents and businesses as a way of managing traffic congestion and improving quality of life for residents and employees. WMATA is planning to leverage this interest, along with favorable market conditions, to offer five developments sites.
WMATA issued requests for proposals for the following properties:
“These properties present excellent development opportunities,” said Metro General Manager and CEO, Richard Sarles. “The interest that has already been expressed in these sites is an indication of the crucial role Metro is playing in the growth of the region.”
WMATA is already a national leader among transit agencies in the field of private sector development on transit properties, what the industry calls “joint development.” Some two dozen projects have already been successfully completed in the District of Columbia, Maryland and Virginia, and several more are underway.
WMATA will be looking for quality developments with a focus on safe, walkable and attractive communities that work well with existing transit service. These projects will help achieve WMATA’s Momentum Strategic Plan of ensuring financial stability by generating increased ridership and rental income for Metro, and our goal of improving regional mobility and connecting communities.
Solicitations are posted online at wmata.com/realestate and will also be publicized through real estate organizations and trade publications.
News release issued at 11:19 am, November 5, 2013.