Medical Center's Closure an Opportunity for D.C.

"The State Department will take a chunk of Walter Reed's 113 acres, possibly for embassies. But that leaves almost 70 acres for D.C. In a city where a quarter of the land is owned by the federal government, demand for land is high.

'This is a uniquely vocal community, let me just put it that way,' says Victor Hoskins, deputy mayor of Planning and Economic Development. He co-chairs the committee that is going to figure out just what the District of Columbia is going to do with all of this land.

'Actually, the interest we've gotten from a number of retailers already has been, really, quite astounding. What's going to happen is when that fence comes down [and] we develop the retail along there, it will become a place to go,' Hoskins says. 'And there's a chance now to revive a Main Street, which is Georgia Avenue, which has for years been suffering from decay.'"

The space will also no longer be exempt from property taxes, potentially created a big influx for the District.