Developers Compete For Land Near Ballpark

The site of the new Washington Nationals baseball stadium was chosen in part to spark revitilization in the southwest region of the city. This area has historically been the home of bus depots, junkyards, scattered residences, and some government offices. Now any and all avaialable land in the neighborhoods surrounding the site just off South Capitol Street is being bought up by developers. "It's like a gold rush to get in and get the best sites," said F. Russell Hines, executive vice president of Monument Realty, which recently completed a $10 million deal that included land on a lot just across from the stadium Land prices have risen to $30-$50 per square foot as of late, more than double their value a year ago. While developers and city officials are banking on the stadium's positive effect on the Anacostia Waterfront, others are skeptical. "Just having a stadium is not going to have people clamoring to be there on its own," said Neil deMause, co-author of "Field of Schemes: How the Great Stadium Swindle Turns Public Money Into Private Profit." "You have to do enough stuff in addition to the development of a stadium to make an area work," he said.

Thanks to Peter Buryk