The Department of General Services (DGS) announced the results of the appraisal of the 300 block of Seventh Street SE. The study was tasked with determining a fair-market value for the public space occupied by the private weekend flea markets.
Marcus Group (MAG) conducted the appraisal for DGS. They recommend setting the rent at $3,050 per month for each of the privately run for a total of $6,100 monthly. Currently, DGS charges the private flea markets a total of $4,000 per month. According to DGS, this rent “represents the midpoint of the appraisal fair market rent as outlined in the appraisal.”
The private weekend flea markets previously occupied the Hine School parking lot. They moved to the 300 block during the construction project of the Stanton-Eastbanc Hine School Project. Currently both private entities sublease the street from DGS under the of the Eastern Market Special Use District. Now that the construction is nearly completed, both private flea markets will move to the new C Street between Seventh and Eighth Streets SE.
DGS has stated its intent to allow the private flea markets to operate on the 300 block for an additional seven months. In the interim, the agency will develop and issue a Request for Proposal (RFP) for the public space. That process could result in the award of a lease to either the existing flea markets or a new operator. DGS has stated that the 300 block will remain closed to traffic.
Donna Scheeder, chair of the Eastern Market Advisory Committee (EMCAC), stated, “EMCAC is happy to see continued activity, but remains concerned that there needs to be a business plan for long term use, which includes all the stakeholders. EMCAC s activities on weekends.”
