Tuesday, November 24, 2009

Lehman Brothers and the Area Surrounding Nationals Park

As many of you know, I'm a huge Nationals fan and was frequently out at Nationals Park cheering on the Nats even though they are still in the phase of developing for the future. I always take the metro to the stadium because it drops you off so close to the stadium (a short block away). If you've ever been to a game a Nationals Park, however, you're probably aware of the fact that there are a lot of buildings that are unoccupied and space that looks like it's under construction. As Jeff points out over at Nats320, both Lehman Brothers and Corus Bank had some investments in the area and their collapse (and the poor economy in general) is part of the reason that blocks around Nationals Park hasn't been developed to its full potential.

Jeff points readers towards a Huffington Post story that was recently published that uses the area as an example of what it calls "Zombie Buildings." These are buildings that began development when the economy was doing well in hopes of having a lot of businesses lease out space. Now that times are different, however, many of these buildings are empty and sometimes the construction has even been put off. To make things worse, many of the loans on the commercial buildings are now coming due. All in all, it's simply not a pretty picture and I think it gives people a concrete visual example of how the recession has impacted the local economy.

For those of you who are interested, here is the video report that the Huffington Post produced.

PS Jeff (aka, Screech's Best Friend) is one of the most loyal fans to the Washington Nationals and is extremely knowledgeable about the team and baseball in general. It's always a pleasure when I run into him and his wife at the games as they are all around great people. If you want to know what's going on with the Washington Nationals, I definitely recommend following his blog -- Nats320.

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