D.C. United Stadium Expected to Revitalize SW
City officials approved a plan this month for the use of public funds to help build a new soccer stadium for D.C. United in a neglected section of Washington.
The city will spend about $140 million to secure land at Buzzard Point, located in southwest Washington just a couple of miles south of the Capitol.
For its part, the Major League Soccer team will spend about $150 million to build the stadium, which should be complete by 2017.
D.C. United has plans for development around the stadium, too.
Big changes planned for neighborhood
“We don’t want to have just a stadium in isolation,” the team's managing general partner Jason M. Levien tells The New York Times. “We’ve had discussions with several folks in the hotel and retail space and gotten some real interest. We think it can spur some economic development. We want to be part of that.”
D.C. Mayor Vincent Gray called the stadium a great thing for the local economy and sports fans.
“The stadium will spur important development along the Anacostia River, catalyze economic activity in a neighborhood that sorely needs it,” he says.
That can also mean big changes to the price of real estate in the area. Properties may be much more valuable now with the plans for the stadium announced. Check with a highly rated local real estate appraiser or sales agent to find out the current worth of your property.
When estimating a property's value, the U.S. Department of Labor says appraisers note unique characteristics of the property and surrounding area, such as a noisy highway or airport nearby.
They also consider the condition of a building's foundation, roof and any renovations that may have been done. In addition to photographing the outside of the building to document its condition, appraisers might also photograph a certain room or exceptional feature.
How does a home appraiser work?
After visiting the property, the appraiser estimates the value of the property by considering comparable home sales, lease records, location, view, previous appraisals and income potential. During the entire process, appraisers record their research, observations and methods used in calculating the property’s value.
But those values can quickly change with the addition of a new development or the relocation of an existing business or attraction.
D.C. United had been playing at RFK Stadium in Hill East on the banks of the Anacostia River. That facility once was home to the Washington Redskins football team and the Washington Nationals baseball team.
With D.C. United moving, RFK will be without a professional team. The future of that building and the land it sits on remains in question.