Project: New York Avenue Metro Station

Location: Washington, DC

Public Partner: Washington Metropolitan Area Transit Authority (WMATA) and the District of Columbia Government

Private Partner: Action 29-New York Avenue Metro Station Corporation (Action 29 Corporation). Comprised of major developers, area property owners, corporate business leaders, elected officials, and community leaders, Action 29 Corporation was a non-profit organization incorporated to leverage private investment for the New York Avenue Metro station. Upon the opening of the station, Action 29 was dissolved.

History: In 1997, President Clinton signed into law the National Capital Revitalization Act which directed the formulation of an economic development plan. Action Item 29 called for the construction of a new Metro station at New York and Florida avenues.

Financing: $35 million in private funds from area businesses, including $10 million in land, amortized over thirty years; $44 million from the District of Columbia; and $31 million from the federal government. The District also formed a Business Improvement District (BID) to continue to generate economic improvements through a special assessment to fund ongoing operations and maintenance.

Measures of Success: Assessed valuation of the thirty-five-block area increased from $535 million in 2001 to $2.3 billion in 2007. Over 15,000 jobs have been created with $1.1 billion in private investment. The public sector supplied nearly two-thirds of the funding. In retrospect, with the success of the project, it is likely the private sector should have contributed a larger portion of the funding.