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June 16, 2023

This Week's D.C. Deal Sheet

New Digital Summit: National Senior Housing Aug. 30

Sycamore & Oak, a 22K SF retail village at the St. Elizabeth's East campus in Congress Heights, opened Wednesday with a ribbon-cutting ceremony. Mayor Muriel Bowser was joined by community members to unveil 13 local businesses, all owned by residents of Wards 7 and 8. 

Retailers include a Black Bella Spa & Wellness Center, The Museum DC, WeFitDC, Dionne’s Good Food, Buna Talk Café and The Fresh Food Factory Market.

This Week's D.C. Deal Sheet

“Sycamore & Oak will be more than just a retail space—it will serve as an anchor and commercial hub for Parcel 15 as we continue to add mixed-use commercial, retail, hospitality, open public space, and residential development to the neighborhood,” interim Deputy Mayor for Planning and Economic Development Keith Anderson…

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Don't Go Near The Water: Climate Change Risk And Its Impact On Investment

As hurricane season kicks off and the Northeast emerges from a haze of choking wildfire smoke, the impacts of climate change on people and property alike are once again at the front of mind for many, and new analyses from CoreLogic shed more light on which specific regions of the U.S. are most at risk over the next 30 years.

The Southwest and Rocky Mountain West are home to the least risky areas with respect to climate change, in spite of wildfires and an evaporating supply of water, according to CoreLogic. On the flip side, low-lying areas like Louisiana and Florida are the riskiest, threatened by hurricanes and angry rivers.

Don't Go Near The Water: Climate Change Risk And Its Impact On Investment

Data sets like these are increasingly factored into decision-making at the top levels of major U.S. investors as they seek to avoid property damage and find places where they can still get insurance, and at an affordable price. “There has certainly been an increase in firms factoring physical and transition risks…

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Activist Investor Litt Says Life Sciences Space Is Suffering, Targets Alexandria In Latest Report

Activist Investor Litt Says Life Sciences Space Is Suffering, Targets Alexandria In Latest Report  

Activist investor Jonathan Litt,  known for shorting major office-owning REITs, is now asserting that life sciences space is as underutilized as standard office space and that valuations are going to suffer as a result. Litt said Alexandria Real Estate Equities, a major holder of life sciences assets, is going…

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In Case You Missed It...

Tishman Speyer Secures $150M Construction Financing To Turn D.C. Shopping Mall Into Multifamily Tishman Speyer Secures $150M Construction Financing To Turn D.C. Shopping Mall Into Multifamily
Bernstein Acquires Shaw Apartment Complex The Shay For $80.5M Bernstein Acquires Shaw Apartment Complex The Shay For $80.5M
Law Firm Lease Kicks Off Construction Of Rare New Downtown D.C. Office Project Law Firm Lease Kicks Off Construction Of Rare New Downtown D.C. Office Project
Developers ‘On The Edge’ Of Making Residential Conversions Work Want More Government Help Developers ‘On The Edge’ Of Making Residential Conversions Work Want More Government Help
 
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‘We’re Going To Get This Right’: Gov. Moore Revives Baltimore's Red Line Project

‘We’re Going To Get This Right’: Gov. Moore Revives Baltimore's Red Line Project  

In August 2015, then-Maryland Transitportation Secretary Pete K. Rahn invited federal lawmakers and state and local elected officials from Baltimore to meet at his agency's headquarters in Hanover to discuss future mass transit projects in Baltimore.

The elected officials who attended wanted answers to one question: What alternate transit options would Rahn use to replace the Red Line? 

Earlier that year, Gov. Larry Hogan took office and quickly made it clear he intended to follow through on a campaign pledge to scuttle the $2.9B Red Line project he derided as a "wasteful boondoggle."  

Rahn tried to appease elected officials by praising their efforts to secure funding for the project, adding that he hoped for their continued success in securing funds for future transportation projects.

Those comments only irritated U.S. Sen. Barbara Mikulski, who represented Maryland at the time. The East Baltimore native, who previously served as the chairwoman of the U.S. Senate Committee on Appropriations and was then the committee's top Democrat, worked for years to secure federal dollars to build the Red Line. 

Eventually, Mikulski's exasperation boiled over. She interrupted the secretary, telling him: “The pot is really small, Mr. Rahn. … Hope is one thing, delusion is another.” 

However, on Thursday afternoon, Gov. Wes Moore said his administration is moving beyond providing hope it would revive plans to build the Red Line, and he announced its first steps toward making it a reality. 

During a news conference in the parking lot of the MARC station in  West Baltimore , Moore said he told the  Maryland Transit Administration  to revive and update plans for the Red Line. As a first step in reviving those plans, the state transit agency will…

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