Government Buildings by Family-Owned DC Real Estate Development Companies
All cities will have its share of government owned real estate property. As the nation’s capital, this is especially true of Washington DC. The good news for privately owned real estate developers is that all that property needs to be developed. And someone needs to do it. This is where privately owned companies can get a piece of the pie. However, any developer who has ideas of working on government land needs to be prepared to be scrutinized by the government. They can think of it as a type of background check. Once they pass that hurdle, then the actual building process requires strict adherence to rules and codes.
So once they get all the clearance, what type of construction opportunities are there in Washington DC? Just like any other city, Washington DC needs residential complexes, retail and of course government buildings. Two examples of private real estate companies who have done a lot of work in the DC area would be Frank Haney, JBG Companies, and Clark Construction. Franklin L Haney Companies have been involved in both, high end as well as affordable residential housing projects. Clark Construction built the US Coast Headquarters in Washington DC, as well as many other well-known buildings.
The number one reason why privately owned real estate companies bid on government projects is because they are lucrative. However, as mentioned before, there are strict regulations in place for choosing the right company. Consequently, it is usually the well-established companies that win the contracts. One of the things that make real estate development different in Washington DC is that there is a lot of emphasis on environmentalism. In fact, companies can take advantage of tax breaks, when building. This also applies to refurbishing or modifying older buildings.
The following are a few things to keep in mind, from a business perspective, when developing real estate in Washington DC.
-In the last 10 years, there was a substantially bigger increase in population who were younger than age 40
-Younger people tend to rent as opposed buy
-Downtown Washington DC is still commanding high real estate price
The takeaway from all this is that Washington DC is like any other big city, for construction opportunities. If anything, there are more opportunities, especially for government related construction work. Being the capital of the nation, there are opportunities to build not just any government building, but highly important and visible structures also.