The Washington Metropolitan Area Transit Authority unveiled the agency’s plan to complete 20 new real estate projects in Greater Washington in the next decade, with another 20 in the works long term, all as part of its first strategic plan released Thursday.
The new 10-Year Strategic Plan for Joint Development, developed by Metro’s office of real estate and parking, will pursue new development opportunities that the agency said it hopes will, in turn, increase Metro ridership and drum up revenue from fares, real estate proceeds and new state and local taxes on otherwise untaxable land, all while contributing to the region’s housing and sustainability needs.
The plan leans on a philosophy the agency said had been working before Covid hit — ridership at Metro stations with transit-oriented development increased between 2011 and 2019, reaching 5 million new trips per year and generating $29 million in annual fare revenue for the agency, according to its own count. Through the pandemic, the agency has struggled to maintain the same levels, requiring $2 billion in aid from the federal government to remain on financial track, but it’s seen bright spots in areas with nearby development.
