14 Nov Arlington Housing Demand Continues To Surge A Year After Amazon HQ2 Selection
Arlington Partnership for Affordable Housing Executive Director Nina Janopaul said roughly 2,000 people applied for the new units coming to the Gilliam Place project on Columbia Pike. She said she is seeing the same dynamic throughout the county. “There is great demand for affordable housing in this community,” Janopaul said Thursday at Bisnow’s Future of Arlington County event, held at Jamestown’s Ballston Exchange property. Amazon’s selection of Arlington for its second headquarters, announced one year ago this week, has contributed to an increase in housing prices that has made it more difficult for people to afford homes. A study from CoreLogic released Wednesday showed that four of the 10 ZIP codes with the largest year-over-year home price growth rates in the D.C. region were in Arlington County. The four ZIP codes all experienced year-over-year price growth of more than 8%, with two of them above 11%, during the 12 months ending in September. That surge came after the four areas all experienced home price growth of less than 2% during the previous 12 months.
LCOR also recently completed an apartment building near the Amazon HQ2 site. Its 451-unit Altaire building delivered last year, and it is now moving forward with the second phase, another 280 units. It is one of several developers pursuing major multifamily projects in the area, aiming to capture the HQ2-related demand. “Another 7,000 residential units have been proposed or are in the pipeline in our downtown district,” said Crystal City BID President Tracy Gabriel, whose organization is expanding its borders to include Pentagon City and Potomac Yard, the area branded as National Landing. As the rents in the area continue to rise, the public sector and private sector need to work together to address the housing affordability crisis, Shooshan Cos. Chairman John Shooshan said. “We’ve got people left behind,” Shooshan said. “We have housing needs at every level, not just the full market level.”