Mount Pleasant Street Market Analysis
PES recently led a consultant team to assess the markets for near- and long-term development and test the financial feasibility of development in the Mount Pleasant Street corridor in Washington, DC. This historic Main Street business district is undergoing significant changes as its surrounding neighborhood transitions from one dominated by lower-income Latino families to middle- and high-income professionals attracted by proximity to the Columbia Heights Metro Station and the outstanding stock of historic housing. Currently, the vibrant business district hosts a variety of local and Latino-owned small businesses that serve one of the two populations or both groups. Opening of the DC USA retail center (anchored by Target and Best Buy) three blocks away is diverting customers from these businesses. The PES market study was designed to help ground the future strategies and plans for Mount Pleasant in market realities. In addition to testing the potentials for retail, housing and office development, the study tested the financial feasibility of redeveloping two specific sites.