Forest City Washington honored with D.C. Chamber's Economic Impact Award

WASHINGTON, Nov. 2, 2016 /PRNewswire/ -- The work of Forest City Washington, one of the D.C. region's most prominent owners, managers and developers of commercial and residential real estate, will be recognized during the D.C. Chamber of Commerce's 2016 Awards and Gala on November 4 at the Marriot Marquis. Deborah Ratner Salzberg, President of Forest City Washington, will accept the Chamber's Economic Impact Award during the annual black-tie event that celebrates achievement, innovation and success in the greater D.C. metropolitan area.

"Forest City has been part of the greater D.C. community for more than 20 years, and it has been our privilege to be part of projects that not only create great places to live, work and shop, but also contribute meaningfully to our region's economy," said Ratner. "On behalf of our entire D.C. team, as well as the more than 2,000 Forest City associates around the country, we are honored by this recognition."

One of Forest City's best-known and most-active D.C. projects is The Yards, located between the Nationals Ballpark and the Washington Navy Yard, and home to more than a dozen restaurants, multiple residential communities and the award-winning Yards Park on the Anacostia River. The 48-acre development was built through a collaboration between the D.C. government, the U.S. General Services Administration and Forest City Washington. It is the largest public-private partnership in the nation's capital with a present-value D.C. revenue impact of more than $1.0 billion.

At completion, the 6-million-square-foot development is expected to include 3,400 residential units, 1.8 million square feet of office space and 400,000 square feet of retail, restaurants and services. Collectively among all the residential apartment buildings, Forest City will add over 700 new units to DC's affordable housing stock. The project also includes a 50-slip Yards Marina, a 16-screen Showplace Icon Theater, as well as a soon-to-be announced full-service hotel.

According to research by the D.C.-based advisory firm of Bolan Smart Associates, the Yards development is expected to result in job creation equating to approximately $1 billion in annual D.C.-based payroll, including an estimated 10,500 full time permanent jobs and approximately 1,000 full-time construction jobs. Upon completion, the Yards is projected to result in direct tax proceeds of $88 million per year for the District (in current 2016 dollars), translating into a present-value D.C. revenue impact of more than $1.0 billion. Also, The Yards development is providing more than $100 million in infrastructure and public-space benefits in the form of parks, streets and public realm. 

Notably, as it continues to build out The Yards, Forest City is exceeding its goals of achieving 35 percent Certified Business Enterprise (CBE) contract participation and 51 percent First-Source hiring of D.C. residents.  As part of its commitment to social inclusion, Forest City Washington also created two initiatives: a mentor/protégé program connecting CBE companies with established firms to grow their roles on future projects; and a workforce intermediary program that assists Yards' retailers to augment their goal of employing D.C. residents.  In the case of grocer Harris Teeter, 300 local residents were hired and local employee retention exceeded the goal of 70 percent for more than 6 months after hire.

In addition to The Yards, Forest City's D.C. regional presence includes Ballston Quarter (formerly Ballston Common Mall) in Arlington, and apartment communities in Arlington, Silver Spring and North Bethesda, as well as Waterfront Station, the mixed-use redevelopment of the former Waterside Mall, in the District.

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SOURCE Forest City Washington