Where the Jobs Are
GreaterGreaterWashington tells us where the jobs are in the DC Metro area, and there is one clear standout beyond downtown; Tysons. With over 100,000 jobs, many in high paying tech, IT, and engineering positions, Tysons has truly become the economic engine of NOVA. Now there is proof, thanks to the work of Harvard graduate Robert Manduca, using US Census data. Beyond the good information in our area, it’s also just a really cool visualization tool for mapping job data.
Implementing Workforce Housing
The Tysons Comprehensive Plan included requirements for 20% affordable housing for workforce housing, those making less than the median income in the area, to help provide housing close into the growing city for those who may have the least access to personal transportation options. As the Washington Post points out, some of those goals are confronting some market realities when dealing with the differences between apartments and condominiums. Will relaxing requirements for condominium affordable housing be useful for providing more supply to a starved high density market, or will it undercut the goals for workforce housing?
Tysons Galleria Buys Back Macy’s
Washington Business Journal is reporting that General Growth Properties, owner of Tysons Galleria, has finalized a deal to buy back the portion of the Galleria owned by former tenant Macy’s. At 260,000 square feet, and in a prime location in Tysons, a redevelopment of the property could mean a similar project to what occurred at Tysons Plaza, at Tysons Corner Center. With the residential market as hot as it is, we could see some apartments or even condominiums along with smaller space retail in the current store footprint. This would correspond with a nation wide trend for mall properties in redeveloping to mixed use due to the shift to online retail.