THE MARKET REPORT
Where work and culture meet what’s possible.
Letter from President & CEO
Dear Downtown stakeholders,
As President & CEO of the Downtown Development District, I am thrilled to have the privilege of working to implement our exciting vision for the future. With a rejuvenated board and a recently released economic development strategy, Downtown New Orleans has never been more poised for transformative growth.
The heart of our renewed commitment to growth lies in our dynamic new board from diverse industries. The group brings together several board veterans with new commissioners representing a wide range of Downtown industries such as hospitality and corporate business. While the new board represents diverse interests, it is united by a common goal: to drive Downtown New Orleans forward. To this end, we have also established a new committee of the Board of Commissioners known as the Quality-of-Life Committee, which will provide laser focus on the appearance of the public realm. I look forward to working with our new commissioners to craft policies and programs that reflect the multifaceted nature of Downtown and its many assets.
When it comes to strategies for a prosperous Downtown, my team and I work to implement a comprehensive economic development strategy marked by collaboration between city and state agencies and with the community. At its core, our strategy emphasizes that, with utmost priority, enhancements to public safety and quality of life are foundational to building a compelling residential, business and tourism address. Examples of this type of work include our dedicated Public Safety Rangers and investment in enhanced security details who walk the district 24/7.
Beyond the basics, our new economic development strategy is comprehensive and forward-thinking. It spans six focus areas and includes the work and initiatives of all DDD staff. The following focus areas shape the Downtown New Orleans Economic Development Strategy:
• Business Recruitment, Retention and Expansion
• Built Environment
• Infrastructure
• Workforce Development
• Advocacy and Funding
• Canal Street Revitalization
Together, we can create a vibrant, prosperous, and inclusive urban center that honors our past while embracing the possibilities of the future.
Davon Barbour
President & CEO
Letter from Mayor
Dear residents of New Orleans,
Each quarter of the year brings major events and exciting activity to Downtown, and these past few months were no different. Whether for Essence Festival of Culture, Tales of the Cocktail, White Linen Night, or Red Dress Run, the third quarter of 2024 brought significant crowds to the center of our great city.
As you look around New Orleans, it is evident by the amount of ongoing construction that infrastructure is a priority. As we prepare for a strong year of visitation with events like three sold-out Taylor Swift concerts and Super Bowl LIX, I am pleased to share some ways in which the city is improving the visitor experience. First, public safety is critical to ensuring a safe experience for both residents and visitors when they travel Downtown. This past quarter, we received exciting news that crime in New Orleans continues to decline. This significant outcome can be attributed to the hard work of the women and men of the New Orleans Police Department and our law enforcement partners have accomplished through intentional, collaborative efforts. In the past year, violent crimes have fallen by 43 percent. In fact, New Orleans currently leads the nation in the decline of violent crime.
My administration and our dedicated City employees continue to make investments in the Central Business District (CBD) to prepare for major events and to ensure a strong future for residents. Road construction projects such as the reconstruction of Poydras Street will not only improve traffic flow but make it safer for residents crossing the street or waiting for transit. We are also investing in repairs to sidewalks across the CBD and French Quarter to make sure they are pleasant, safe, and accessible. As we complete these projects, I urge residents and visitors to remain patient while we upgrade our infrastructure. We remain laser-focused on addressing work across the city, and these investments are paying off.
In closing, I extend my sincerest gratitude to every one of you for your steadfast support of Downtown and our beloved city. Thank you, again, for supporting Downtown and the City of New Orleans.
Sincerely,
LaToya Cantrell Mayor
Staff + Board
Davon Barbour PRESIDENT & CEO
Dr. Michael J. McKnight, Sr. CHIEF FINANCIAL OFFICER
Ashley Mills CHIEF MARKETING OFFICER
Ren é Pastorek, AICP CHIEF ECONOMIC DEVELOPMENT OFFICER
Jared Brossett DIRECTOR OF POLICY & EXTERNAL AFFAIRS
Donald G. Clouse
PUBLIC SAFETY MANAGER
John Roussell
PUBLIC SPACE OPERATIONS MANAGER
Esther Boone
MARKETING & COMMUNICATIONS SPECIALIST
Tyler Correa
ECONOMIC DEVELOPMENT SPECIALIST
Meaghan Nguyen
ECONOMIC DEVELOPMENT SPECIALIST
Dajuantae Riggins STAFF ACCOUNTANT
Bentrel Ranson
HUMAN RESOURCES REPRESENTATIVE
Francia Barradas
CHIEF OF STAFF TO THE PRESIDENT & CEO
EXECUTIVE COMMITTEE
Chris R. Ross NAI/LATTER & BLUM, INC | CHAIR
Alex Glaser JONES WALKER | VICE-CHAIR
William Bradshaw II GREEN COAST ENTERPRISES | TREASURER
Scott Polakoff RESIDENT | SECRETARY
COMMISSIONERS
Gregory Curtis WINDSOR COURT HOTEL
Ryan King DELTA UTILITIES
Edwin Murray LSU HEALTH NEW ORLEANS
David Piscola HILTON NEW ORLEANS
Kenny Rubenstein RUBENSTEIN’S
Miles Tully, Jr. CAESARS NEW ORLEANS
Frank Zumbo NEW ORLEANS MARIOTT
Defining Downtown
The Downtown Development District of the City of New Orleans (DDD) was created by the Louisiana Legislature in 1974 as the nation’s first assessment-based business improvement district
9.2M Total SF of Class A Office Space
26 Transit Routes
Downtown New Orleans stands as the largest center of employment in the State of Louisiana. Moreover, this collection of neighborhoods represents nearly $1B in property value.
486 Retail Businesses
7 Coworking Spaces and 9 Incubators / Accelerators
115 Hotels and 22,399 Rooms
6,370 Condos / Apartments
Moving Downtown Forward
DDD Opens Downtown’s Newest Park
Downtown’s newest park is officially here. This past quarter, DDD leadership joined with local elected officials to hold a ribbon cutting and celebrate the grand opening of Crown Park (801 Girod Street). In July of 2022, DDD dedicated the grass space while unveiling artist Journey Allen’s mural titled “Sacred Crowns: The Crown Act Mural.” The mural, commissioned by Arts Council New Orleans, Dove, and Joy Collective, commemorates the passing of the CROWN Act, a significant legislative step in the
fight for hair-based discrimination in schools and workplaces.
The new park was designed by Dana Brown & Associates, Inc., a landscape firm specializing in creating unique spaces that utilize green infrastructure and native species to counteract urban heat and enhance water management. Work was completed by Thrive New Orleans, a local non-profit committed to racial equity by advancing new systems for economic opportunity.
Planning for the Future of Parks and Open Spaces
In early March, the DDD Board of Directors motioned to award Manning, APC a contract for professional planning services to develop a Downtown Parks and Open Spaces Activation Plan. The funds for this project come from the City of New Orleans Recreation and Culture Fund with matching funds from DDD’s Economic Development fund.
Over the summer, DDD staff joined the consultant team to host an open house at Gallier Hall to solicit feedback on how residents and stakeholders are currently using parks Downtown. The event brought residents and workers from around the District. In addition to the public meeting, DDD released an online survey that yielded over 100 responses and looks forward to releasing a final plan in Q4 2024.
Credit: Anthony LaMothe
Credit: Manning, APC
Something to Celebrate
DOWNTOWN NOLA AWARDS HIGHLIGHT
Each year, DDD honors Downtown changemakers and leaders at the Downtown NOLA Awards – an annual celebration of our neighborhood’s excellence, resilience, and growth. The recognized individuals, projects, businesses, and organizations are moving the needle towards a world-class Downtown through innovative thinking, creative reuse of space, new industry development, and continued refinement of the District’s signature strengths.
DDD is pleased to recognize the 2024 Downtown NOLA Awards Honorees:
Ana Esperanza, Public Safety Officer of the Year
Dream House Lounge
Owner Dr. David Wallace
Ruby Slipper Cafe’s Canal Street Location
AxoSim’s Lowry Curley
Ferrara Showman Gallery
Partner Matthew Showman
Devante Lee, Public Safety Ranger of the Year
The NOW Massage
Walter Abney, Clean Team Ambassador of the Year
YLC’s Wednesday at the Square
Downtown New Orleans Retail Stable Amid
New Dining and City Planning Initiatives
The Downtown New Orleans retail conditions from the second to third quarter of 2024 showed signs of an overall stable market, with minimal movement in key indicators such as vacancy rate, asking rent, and market cap rates. Most notably, the vacancy rate in Downtown saw a minor decrease of 0.22%, moving from 14.36% in Q2 2024 to 14.14% in Q3 2024.
As the retail market adapts to changing consumer demand, Downtown New Orleans has responded through focusing on memorable, experience-driven environments. Most recently, chef Nobu Matsuhisa, the restaurateur behind NOBU, the iconic Japanese and Peruvian fusion dining experience, has opened his first Louisiana Restaurant in Downtown New Orleans within the Caesars New Orleans Hotel & Casino (2 Canal St). NOBU Caesars New Orleans features an intimate dining experience with 175 seating options designed by the Rockwell Group. The design draws inspiration from two sources: the lush natural environment of the New Orleans area and the original NOBU Restaurant at NOBU Hotel Caesars Palace Las Vegas, the brand’s first NOBU Hotel.
I am excited to bring NOBU to New Orleans, a city with such a rich culinary history and vibrant culture. Our menu will celebrate the local flavors and ingredients while staying true to the NOBU experience. I look forward to welcoming the local community and creating a unique dining experience that resonates with both residents and visitors alike.
- Chef Nobu Matsuhisa to Tasting Table.
Chef Nobu Matsuhisa opened his first Louisiana location and fourth restaurant in partnership with Caesars Entertainment.
Photos courtesy of Caesars Entertainment
ACTIVE RETAIL DEVELOPMENTS
Policymakers in New Orleans have also been taking note of retailers’ efforts to balance the demand of consumers for modern, unique experiences with the delicate, historic properties for which New Orleans is celebrated. In September, the New Orleans City Council directed the City Planning Commission to survey methods to improve walkability, fill vacant upper floors, expand lighting, usher in new businesses, and make other improvements on Canal Street, Downtown’s retail core.
This study will build on existing strategies and research aimed at business outreach, code changes, and effective use of upper-level space along the historic thoroughfare. DDD eagerly awaits the findings and recommendations of this recently approved study and continues to advocate for an inclusive, vibrant Downtown.
Source: City of New Orleans Department of Safety & Permits
RETAIL MARKET CONDITIONS
Source: CoStar
Tulane Makes Waves with Major Advances Downtown
As one of the largest employers and property owners Downtown, DDD is thrilled to acknowledge and partner on major improvements to Tulane’s Downtown Campus, a significant anchor of the nascent BioDistrict.
First, the transformation of the Tulane University School of Medicine continues with nearly $25M in new permits for upgrades and improvements on institutional buildings and infrastructure. Specifically, plans for improvement include the seventh-floor remodel of the Hutchinson Building (1430 Tulane Avenue) which houses a major portion of the medical school. The vision is to transform this floor into a modern space for labs, equipment rooms, offices, meeting rooms, write-up areas, and more.
The renovations at the Hutchinson Building represent another step in Tulane’s continued investment in its Downtown campus and the neighborhood as a whole. DDD looks forward to witnessing these improvement plans become a reality and strongly supports the
university’s commitment to creating a world-class space for research and innovation within the District. In other news, Tulane held a historic press conference where President Michael A. Fitts announced that the university will name its Downtown School of Public Health and Tropical Medicine in honor of renowned alumna Celia Scott Weatherhead.
Weatherhead, who graduated from Tulane’s Newcomb College in 1965, was recognized for her landmark lifetime giving of more than $160M in support of the university. Her commitment – the largest in the school’s history – continues her legacy of supporting the attraction of world-class faculty and students to Tulane.
Her and her late husband Albert’s support for the university has spanned decades, focusing primarily on increasing access to Tulane, establishing the Weatherhead Presidential Chairs, and founding the Weatherhead Scholars Program, which provides scholarships for academically talented students committed to public service.
“Celia is an inspiration in her unwavering dedication to make the world a better place through research and education,” said Board of Tulane Chair, David Mussafer. “With her support, Tulane will continue to identify the causes, make the links, and discover the strategies necessary to improve human health today and into the future. Her gift is life-changing and lifesaving.”
Credit: Tulane University
Mural Unveiled on Tulane’s Downtown Campus
A collaboration between Tulane University, NASA Lifelines, and DDD has brought new public art to the BioDistrict at the corner of Canal and South Liberty Streets. This summer, DDD President & CEO Davon Barbour joined Tulane President Michael A. Fitts, Chief Operating Officer Patrick Norton, and NASA Disaster Response Coordination System Manager Josh Barnes to unveil “Rings of Ecology: Louisiana Explored.” The mural, designed by SaxonLynn Arts, showcases the abundance of Louisiana’s natural resources and how satellite technology can be used to monitor, manage, and preserve them to sustain the people of Louisiana and their livelihoods.
The mural is part of the Lifelines Mural Contest, a six-year global art initiative that engages local artists and communities to create murals that shed light on how satellite data and tools are helping communities become more resilient. With this project, Tulane aims to inspire the next generation of scientists and leaders to contribute to a more resilient Louisiana and enrich the community through public art. Further, the project supports one of the primary tenets of DDD’s economic development strategy to revitalize Canal Street through enhancing the public realm through the installation of public art.
Credit: Tulane University
Hotel + Tourism Market
Milestones in Downtown Hospitality
The hotel market in Downtown New Orleans experienced robust growth in Q3 2024, with room demand surging by 34.5% year-over-year. Room supply saw a modest increase of 0.5%, bringing total available rooms to 689,181. Room occupancy climbed to 55.3%, a notable 9.3% rise compared to the same period last year.
Average daily rates (ADR) grew by 3.5%, reaching $158.99, while revenue per available room (RevPAR) jumped by 12.4%, indicating strong performance across the hospitality sector. This growth reflects the increasing appeal of Downtown New Orleans as both a business and leisure destination.
Credit: Brechtel Hospitality
Copper Vine Wine Pub & Inn Opens in the CBD
Downtown New Orleans continues to thrive, with two neighborhood hotspots celebrating significant expansions. Copper Vine Wine Pub & Inn, located at 1001 Poydras Street, officially opened its boutique-style Copper Vine Inn. The newly developed space features 11 luxury guest rooms, a private dining area, and a rooftop terrace, offering a premier stay in the heart of the city. Guests check in at the restaurant's host stand for seamless access to this modern, high-end accommodation.
In addition, its neighboring venue, Vintage Rock Club, also underwent expansion, doubling in size with a new dance floor, bar, and video wall, enhancing the club’s vibrant late-night offerings. Both venues, operated by Brechtel Hospitality, blend modern amenities with a deep respect for their 19th-century foundations, preserving historic elements while delivering a fresh, contemporary experience.
Source: CoStar
The multifamily housing market in Downtown New Orleans demonstrated positive momentum in Q3 2024, with the residential vacancy rate dropping to 5.7%, a 1.5% decrease from the previous quarter. Average rental rates per unit rose by 2.5% to $2,046, reflecting steady demand for multifamily living. Additionally, the average price per unit for sale increased by 2% to $207,000. However, quarterly absorption saw a decline, with only 36 units absorbed, down 28% from Q2. Despite this, the overall market remains strong with stable inventory levels.
To support the growth of the Downtown residential population, DDD hosted a successful Revitalizing Downtowns & Main Streets Act Information Webinar during Q3. Nearly 70 interested residents, stakeholders, and business leaders joined DDD to listen to Andrew Goldberg with consulting firm Agora as he discussed and analyzed the recently introduced Revitalizing Downtowns and Main Streets Act, which could provide a new 20% tax credit for conversion of vacant office space and commercial buildings into housing. Mr. Goldberg shared his time and expertise to educate the Downtown community and provided insight on fur thering a world-class Downtown New Orleans. In other news, real estate agents and lenders in New Orleans are expressing optimism following the Federal Reserve’s recent interest rate cut. The decision comes as the housing market continues to recover from a sales decline caused by pandemic-related fluctuations.
Laine Buquoi, president of the Greater New Orleans Mortgage Lenders Association, stated to Fox 8 News that the rate cut could help potential buyers re-enter the market, improving affordability.
While interest rates have fluctuated rapidly since the pandemic—jumping from 3% to over 7%— the market is now stabilizing. Jamie Hughes, an agent with Reve Realtors, also noted that
Optimism Grows in New Orleans Housing Market Multifamily Market
despite the challenges of rising interest rates and insurance premiums, the current market offers opportunities for both buyers and sellers.
Buquoi anticipates further rate cuts could lead to noticeable reductions in monthly payments by 2025, improving affordability for homebuyers. Though high insurance premiums remain a hurdle, both Buquoi and Hughes are hopeful that costs will stabilize over the next few years.
Leasing Activity Holds Office Market Steady
The Downtown New Orleans office market remained stable throughout Q3 2024, with no significant changes in total square footage. The overall vacancy rate slightly decreased to 12.9%, while Class A office vacancy dipped marginally to 19.7%.
Average asking rents for office space also remained consistent, with Class A office rents seeing a modest 0.5% increase to $20.74 per square foot. Despite a slight uptick in the cap rate, the market continues to demonstrate resilience, with demand stabilizing as businesses adapt to the evolving office landscape.
To support long-term growth in the office market, small business owners gathered at The Shop at CAC (900 Camp Street) for an information session hosted by the DDD, New Orleans Business Alliance, and Algiers Economic Development Foundation. The event highlighted growth opportunities from Advantage Capital’s newly-raised $40M fund aimed at expanding Louisiana businesses.
Representatives from Advantage Capital , Paul Castedo and Brooks Kiser, presented details on the firm’s equity and debt financing programs, followed by a lively Q&A and
networking session. Attendees included leaders from Downtown’s tech startups, construction firms, and renewable energy companies.
DDD’s Economic Development Team was proud to facilitate this event, helping to connect local businesses with funding opportunities that drive commerce and entrepreneurship in Downtown New Orleans.
Additionally, Downtown Development District was proud to join the New Orleans Chamber of Commerce this September in celebrating an important milestone at an impactful Downtown business: Brothers Empowered to Teach. Based on Poydras Street Downtown, Brothers Empowered to Teach (BE2T) is a recruitment, development, and placement program that aims to generate a pipeline of well-rounded, culturally responsive teachers by recruiting men of color—predominantly Black men—into classroom-based careers in education. For the past ten years, BE2T has successfully placed nearly 200 fellows into classroom settings, helping to create a world where every child can see themselves in and through the eyes of their teacher.
DDD Staff and the New Orleans Chamber of Commerce cut the ribbon at Brothers Empowered to Teach at their new office on Poydras Street.
Leasing Activity Highlights
Corporate Realty continued to facilitate significant office leases in Downtown New Orleans this quarter, contributing to the area’s dynamic business environment. Notable transactions include Mouledoux, Bland, Legrand, & Brackett expanding its office space to 3,412 square feet at Hancock Whitney Center, the Consulado General de Panama leasing 949 square feet at Energy Centre, and Enhanced Capital signing 6,284 square feet at Place St. Charles. These deals reflect the ongoing demand for prime office space in Downtown, reinforcing its position as a key hub for professional services.
2 12,250 1 1,144 2 603,353 4
Advantage Capital staff present to local entrepreneurs on the firm’s various finance options for start-up capital.
Neighborhood Mobility
Moving New Orleans Forward
Visitor, worker, and resident visits to Downtown New Orleans increased significantly year-over-year in Q3 2024 according to Plaicer.ai, a foot traffic analysis software. The 122.5k daily visitors average recorded in Q3 2024 represents a 37% increase over the third quarter 2023 daily average (89.5k). Legacy events such as Essence Festival (July 3rd-6th), Tales of the Cocktail (July 21st–26th), White Linen Night (August 3rd), and Red Dress Run (August 10th) took place Downtown, attracting nation-wide visitors. The chart below illustrates
the attendance of these major events, with the largest spike occurring for Tales of the Cocktail, a conference which describes itself as the “world’s premier cocktail festival.” Other large increases in visitation are attributed to football fans. Those who attended the New Orleans Saints’ preseason game (August 25th) were among the first to be exposed to the recently remodeled Caesars Superdome, which since 2019 has been undergoing a $560M transformation aimed at upgrading facilities and enhancing fan experience within the stadium.
ZERO FARE PUBLIC TRANSIT FOR NEW ORLEANS YOUTH
Unveiled in September, the Opportunity Pass Program offers free fare on public transit on bus, streetcar, or ferry to Orleans Parish youth aged 16-24. Made possible by partnering organizations RIDE New Orleans (RIDE), the Regional Transit Authority (RTA), New Orleans Public Library (NOPL), and the New Orleans Children
and Youth Planning Board (NOLACYPB), the program aims to provide young riders with access to job centers and education without cost barriers across the city for one year. Funding for the pilot program is coming from a $2.5 million allocation in American Rescue Plan funds that the New Orleans City Council approved in 2023.
RETURN OF RAIL SERVICE TO MOBILE CONFIRMED BY SOUTHERN RAIL COMMISSION
During Q3, Knox Ross, Chairman of the Southern Rail Commission, announced in an email to stakeholders, “This is it,” as the final piece of funding approval for an Amtrak line between Downtown New Orleans and Mobile, Alabama , fell into place with a vote by the Mobile City Council. The rail line has not run since 2005, when Hurricane Katrina damaged vital infrastructure. With platforms ready in New Orleans and the four stops in Mississippi — Bay St. Louis, Gulfport, Biloxi, and Pascagoula — Amtrak projects the service will be running by the Spring of 2025.
PEDESTRIAN COUNTS
Ross also noted the economic impact the completion of the rail line will have, saying, “It will have a great return on investment and a tremendous impact in connecting people with jobs and education opportunities, boosting our local economies, and supporting our growing tourism industry in our coastal cities.” DDD is ready to welcome a new influx of Gulf Coast passengers to the Union Passenger Terminal With connections to RTA lines and the proximity to all the best of Downtown, we are excited to celebrate the line’s return.
Active Developments
Residential/ Retail 604 Baronne St 604 Baronne LLC
Retail 744/748 Camp St Renovations 748 Zen Associates LLC
Hotel Caesars New Orleans Harrah's New Orleans LLC
Hotel The Mayfair Hotel Mohamed Halum
Retail/ Hotel/ Office 1010 Common Renovation Kalias Companies
Hotel Stay Heirloom Expansion Stay Heirloom
Hotel The George Hotel WestCems Corp
Residential The Gravier Apartments Koobehi Properties LLC
Retail/ Residential 955 Howard Ave Vinson Properties#1 LLC
Retail/ Residential 941 Julia Street Renovation Hadrian Properties LLC
Hotel 516 Natchez St MURA, LLC
Hotel/ Retail Hotel Perle Urban 757 LLC
Hotel 468 St Joseph St Hotel 468 St Joseph LLC
Retail/ Residential/ Office/ Hotel Charity Hospital 1532 Tulane Partners Inc
Hotel/ Retail 330 Baronne St Baronne Union Development LLC
Hotel/ Retail 934 Canal St 1015 Canal LLC/934 Canal LLC
Office/ Retail Sourthern Glazers Wine & Spirits Sourthern Glazers Wine & Spirits
Hotel 1031 Annunciation St Hotel BCH Nola 1031 LLC
Hotel/ Retail NOLA AC Hotel Nola Lodging Group LLC
Hotel / Retail 837 Camp St Excel Advertising Group LLC
Retail/ Residential 827 Carondelet St 827 Carondelet LLC
Hotel 739 Convention Center Blvd 739 Convention Center Blvd LLC
Hotel 333 N Diamond St Hotel ERG Enterprises
Hotel Hotel Santa Maria Diamond Street Ventures LLC
Office/ Hotel 807 Howard Ave Tipsy Clover LLC
Hotel 210 St Charles Ave The McDonnel Group, L.L.C.
Hotel/ Residential Whitney Bank Conversion Bearing Point Properties
Hotel/ Retail United Fruit Building ERG Enterprises
Hotel 749 Saint Charles Ave 749 St Charles Ave LLC
LET’S MOVE FORWARD TOGETHER ABOUT
THE DDD
Downtown Development District of the City of New Orleans
201 St. Charles Ave, Ste 3912
New Orleans, LA 70170 | 504.561.8927
Created by the Louisiana Legislature in 1974 (LA Rev Stat § 33:2740.3) as the nation’s first assessmentbased Business Improvement District, the Downtown Development District of the City of New Orleans (DDD) provides enhanced economic development and public space services to Downtown New Orleans. It accomplishes its mission through initiatives such as employing dedicated city planners to assist Downtown property and business owners, administering multiple grant programs, employing Public Safety Rangers and Clean Team sanitation workers, providing significant funding for outreach to the homeless and additional New Orleans Police Department patrols and armed private security throughout the District. The DDD services the area bounded by Iberville Street, the Pontchartrain Expressway, Claiborne Avenue, and the Mississippi River.
DDD is funded by a property tax millage assessed on each non-exempt property within the District. DDD’s lifespan was initially ten years, and on December 8, 1979, a successful citywide referendum secured longevity for DDD. It authorized DDD to raise its property tax rate to as much as 22.9 mills (a privilege the DDD has never exercised); it gave DDD the authority to sell up to $7.5 million in bonds for use in capital improvement projects; it extended DDD’s lifespan for an additional 25 years to December 31, 2005; and it provided for a future election in which voters could extend DDD for an additional 25 years beyond 2005. An election was held on April 7, 2001, with 60% voting in favor, and DDD’s lifespan was extended through 2030.