Despite the relative stability the federal government provides to the D.C. economy, developers have begun preparing for a slowdown in construction as interest rates rise and the economy potentially enters a recession.
But while new projects are becoming harder to finance, some developers have begun to see emerging areas like Prince George’s County as the smart place to bet on future growth. The county is well-positioned because of its available land and emerging economic engines, plus it is set to benefit from a record level of new infrastructure investment, developers say.
“If you are a developer, business owner, entrepreneur, etc., and you are looking for what is your 20-to-30-year pipeline of next deals, then Prince George’s is the place to look,” Prince George’s Deputy Chief Administrative Officer of Economic Development Angie Rodgers said at Bisnow’s Future of Prince George’s County event on Oct. 17 at The College Park Marriott Hotel & Conference Center. “We are inviting people to come and play the long game with us.”
The county has significant wind in its sails via public infrastructure funding this year alone. In April, the state approved a record $2.5B in aid to the county, including $400M in bonds for development and $20M for infrastructure improvements along Metro’s Blue Line corridor. There has also been federal investment, including a $20.5M RAISE Grant from the Department of Transportation and the siting of facilities for the Bureau of Labor Statistics and Bureau of Engraving and Printing within county lines.
Click here to read the rest of the article written by Jacob Wallace over at Bisnow Washington
