Every five years, the Business Improvement District (BID) requests extension of the organization's term for another five years, pursuant to the DC Business Improvement District Act of 1996.
The current term of the Georgetown BID will expire September 30, 2014. If the request for extension is granted, the new term will expire on September 30, 2019. All are invited to the DC Department of Small and Local Business Development's (DSLBD) public hearing for the BID's renewal application, which will be held at 6:00 p.m. on Thursday, July 10, 2014, in Room 120 of the John A. Wilson Building, 1350 Pennsylvania Avenue, NW, Washington, DC.
For complete details and the public hearing notice, please click here.
To view the BID's 5 Year Renewal Plan, please click here.
EastBanc, Inc. and Acadia Realty Trust announced Monday that Kate Spade New York -- the women’s upscale clothing, accessories and lifestyle retailer -- has signed a ten-year lease to occupy the retail space that once housed Juicy Couture at 3034 M Street NW.
The expansive 5,421-square-foot showroom will serve as the new location for Kate Spade New York in Georgetown. This much larger retail space, which more than doubles its original site in Georgetown, will allow Kate Spade to feature their entire line and showcase top dress and accessory designs typically found in their flagship stores.
The new Kate Spade location is slated to officially open on August 16 after necessary build-out construction.
Founded in 1996, the Kate Spade label has grown from a modest city boutique to a luxury lifestyle brand, including: vibrant home accessories, fine paper, distinctive eyewear, light fragrances and jewelry and handbags. Today the brand has more than 80 retail shops and outlet stores within the United States, two of which are located in DC, and more than 100 international locations, making it an important staple in the fashion community.
“The new larger placement of this prominent lifestyle brand reinforces the neighborhood’s status as a premier retail destination. We are excited to be able to retain Kate Spade in our Georgetown portfolio” said Philippe Lanier, vice president of EastBanc.
The Georgetown Business Improvement District released its second State of Georgetown Report 2014 this week at its annual membership meeting. The Report, a compilation of statistics and analysis about key features of the Georgetown economy in calendar year 2013, is intended to help inform decisions by the BID’s members, as well as brokers, potential investors and tenants, and the District government.
The state of the Georgetown economy is strong, with marked improvement in several sectors, reports the BID. Additionally, the organization hs begun work on 26 of the 75 Action Items from its Georgetown 2028 15-Year Action Plan launched in January of this year, which is also discussed in the Report.
Key highlights of the 2014 report include:
· Office sector performance was strong, with the vacancy rate decreasing to 9.1 percent--the lowest figure in Georgetown since 2006, and 1.6 percentage points lower than the city-wide average at year-end.
· Retailer interest remained extremely high, evidenced by a net gain of seven new stores, a total collection of over 330 retailers, few vacant spaces and rising rents.
· The restaurant industry showed strength, posting a net gain of nine full service restaurants to a total collection of over 120 food service establishments
· Georgetown hotel revenues grew to $65 million, an increase of six percent from 2012.
· The multi-family housing sector showed signs of heating up, with over 100 units of new-construction condos and apartments breaking ground or in the pipeline.
"New multi-family housing construction, more office tenants, and a net increase in the total number of shops and restaurants point to the fact that Georgetown is dynamic and growing,” said Joshua Hermias, the BID’s Economic Development Director. “Much of this new activity is occurring south of M Street, around the historic C&O Canal and the Georgetown Waterfront. This area will be an exciting place to watch in the coming years."
The BID publishes the State of Georgetown annually, and uses the data in the report as a benchmark against which the future health of the neighborhood economy can be measured.
To receive copies of the Report, please contact the BID’s Economic Development Director Joshua Hermias at 202.298.9222, x208, or by emailing firstname.lastname@example.org. The report is also available on the BID’s website at www.georgetowndc.com under the “About” section.