Alexandria Mayor Bill Euille touted transportation investments around Potomac Yard Thursday during an outdoor luncheon for the Northern Virginia chapter of NAIOP, the Commercial Real Estate Development Association.
“My colleagues and I on City Council have identified the construction of a new Metro [station at Potomac Yard] as one of our top capital improvement priorities over the next two years,” Euille said. “We are already setting aside tax revenue and are prepared to start funding the construction of this station in 2014, along with significant contributions from our development partners.”
• Check out the Del Ray Patch topic page concerning Potomac Yard
Euille, an alternate on the Washington Metropolitan Area Transit Authority board of directors, said a Potomac Yard Metro Station “is the key” to the new office, hotel and retail development in the south end of Potomac Yard as well as to the redevelopment of the current Potomac Yard Shopping Center.
City planners continue to work through the environmental impact study for the Potomac Yard station and are considering three alternative station sites. The station could open in early 2017 if all goes to plan.
• See: Euille Reiterates Commitment to Building Metro Station at Potomac Yard
Euille also lauded the bus rapid transitway currently under construction in the middle of Route 1.
“Alexandria is the first in the region with a dedicated transit corridor,” he said. “These improvements will be a great amenity for the many new residents moving into all of this new housing. … Pulte has committed millions of dollars to infrastructure and roadway improvements, leading the way for new development.”
• See: Crystal City-Potomac Yard Transitway to Open in Spring 2014
NAIOP chapter members took a bus tour of commercial properties inside the Beltway on Thursday, including places in Alexandria, Arlington County and parts of Fairfax County.
The lunch stop was held in a large tent in the middle of what will be the Potomac Yard town center just south of Target.
Representatives from MRP Realty and JBG Companies said the town center will include nine buildings, including a new office for the Institute for Defense Analyses, a new mixed-use building anchored by a Giant grocer, luxury apartments and amenities like an ice-skating rink and fountains.
• See: Council OKs IDA Office at Potomac Yard
• See: Council Approves Potomac Yard Development Containing New Giant
• See: Work Begins on The Exchange at Potomac Yard
Just to the south of the town center, developers are hoping to lure a federal office with a conceptual plan that includes more than 1 million square feet of office space. Further to the south, 1,250 residential units are either completed or under construction.
• See: Construction of Bell Del Ray Continues Along Monroe Avenue
Encouraging the developers and real estate brokers in attendance, Euille said Alexandria “will have the lowest commercial real estate tax rate” in Northern Virginia when the city adopts its new tax rates on Monday.
Euille said it was his idea to construct 64 units of affordable rental housing above Fire Station 208 that got smart development going at Potomac Yard.
“That type of thinking set the tone for what’s going on here,” Euille said.
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