With developers clamoring to build near D.C.'s expanding subway network, the Washington Metropolitan Area Transit Authority (Metro) is seeking to cash in on its real estate holdings.
"In an effort to take advantage of some of the boom in development near public transit, Metro launched a search Monday for companies interested in building on properties the transit agency owns at five of its stations: Brookland, Navy Yard, Fort Totten, Grosvenor-Strathmore and Morgan Boulevard," reports Jonathan O'Connell.
"With the area’s boom in apartment construction, developers have increasingly been calling Metro to ask about buying or leasing the agency’s properties, according to Stanley Wall, Metro director of real estate and station planning. The Morgan Boulevard property, he said, received an unsolicited development proposal and Wall said he wanted to take advantage of the interest."
“Given that there is so much momentum at this time, we’re trying to take advantage of that,” he said.
FULL STORY: Metro seeks developers for five sites in Maryland and D.C.
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