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February 26, 2024, 3:50 PM
A plan announced by D.C. political and business leaders Monday that aims to increase activity in the city’s downtown area would take five years to fully implement and would cost $400 million.
The downtown area finds itself at a “post-pandemic inflection point,” according to a presentation from the DowntownDC Business Improvement District and the Golden Triangle Business Improvement District.
“Once a bustling employment center, Downtown D.C. has faced an outflow of office workers in response to remote and telework trends, and it has not added nearly enough visitors and residents to offset the resulting loss of day-to-day activity,” the business improvement districts said.
“While we recognize the need to adapt and pivot, we don’t want to send the message that our downtown is a ghost town,” said Mayor Muriel Bowser. “It’s far from it.”
Still, Bowser said intervention is needed due to a steep drop in economic activity.
Across downtown, annual revenue generated from taxes has dropped by $243 million since 2019.
That number is expected to grow in the near future.
