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Study presented to Fairfax supervisors: converting vacant office buildings to mid‑/high‑rise multifamily can produce a net fiscal gain under study assumptions
Summary
MediCap presented a fiscal impact analysis comparing mid‑/high‑rise urban infill multifamily to leaving vacant office buildings; under the study’s conservative assumptions, multifamily generated an estimated net fiscal benefit of just over $600,000 per year and materially more revenue than leaving an office vacant.
Keenan Rice of MediCap presented a fiscal impact analysis to the Fairfax County Land Use Policy Committee estimating that, for the mid‑to‑high‑rise urban infill scenario analyzed, multifamily development produces a net positive fiscal impact for the county under the study’s assumptions.
Rice summarized the analytical approach: MediCap reviewed Fairfax County budget line items with county staff, used county student‑generation rates and valuations, and modeled revenues and expenditures over a 30‑year horizon while explicitly not assuming growth in values or tax rates. For a notional 270,000‑square‑foot building converted to roughly 240 apartments, MediCap reported that the multifamily scenario raised annual tax revenues by about $1.4 million (real property roughly $900,000;…
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