(Corrects to show Branch Avenue Metro Station in Prince Georges County)
That well-heeled twenty and thirty-somethings are moving into Columbia Heights and Washington Navy Yard isn't news, but if a recent study is true, namely that growth along the Washington's Green Line "Corridor," as it were, is outpacing that of the Ballston-Arlington Corridor and that of the Red Line, well, then.
Certainly, the most well-off of Washingtonians travel the Red Line north to Shady Grove, or the Orange Line to Arlington, right?
Wrong, says Shyam Kannan of Robert Charles Lesser & Co. who told the Capitol Riverfront BID yesterday at their annual meeting that over the past ten years, the highest growth in six-figure riders and those key demographic 18-34 year olds are along the Green Line corridor between Georgia Avenue/Petworth and the Navy Yard, outpacing the suburban-hip Rosslyn-Balston corridor and its Green line-busting hip-hop music scene.
In fact, according to the study, the average income for new households along 10-stations in the Green Line "Corridor" is now nearly $83,000. Moreover, nearly 3,500 18-34 year-olds moved into the Green Line "Corridor" between 2000 and 2010, more than the 3,400 added in Rosslyn-Ballston and the 2,300 or so added along the Red Line in Northwest.
The study was paid for by the Capitol Riverfront BID, which has a bit of self-interest in promoting the Navy Yard as a destination to work live and play along the Green Line given that it lobbied WMATA to change Navy Yard's name to Navy Yard/Capitol Riverfront.
And the RCLCO study conveniently slices off the more moderate income ends of the Green Line --Anacostia as well as Greenbelt and Branch Avenue in PG County, which might skew the economics that the study's benefactors want to portray. Still, it shows that the Green Line, which first opened in 1991, is well on its way to help produce the type of dense, transit-oriented-development in the heart of Washington D.C.
Washington D.C. real estate redevelopment news.