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City of Alexandria, VA City of Alexandria, VA
Potomac Yard Development
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Page updated Jan 30, 2015 5:14 PM
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Welcome to the Potomac Yard Development Portal

What's New? 

City of Alexandria Awarded $50 Million Loan Towards Construction of a New Potomac Yard Metrorail Station

The Commonwealth Transportation Board has awarded the City a $50 million loan from the Virginia Transportation Infrastructure Bank (VTIB) to construct a Metrorail station in Potomac Yards.  The new station will be funded through a variety of sources -- including new tax revenue from development around the station and two new special tax districts.  This means that most residents and businesses in Alexandria will not have to contribute to the station’s construction through local taxes.  Because the new tax revenue will be received over time and the station must be paid for when it is built, the City plans to issue General Obligation Bonds to finance construction. Today’s VTIB loan, which is close to the maximum available from the state fund, will lower the amount the City must borrow from other sources.  The 30-year loan locks in an interest rate of 2.17%, which is substantially lower than municipal bonds.  The loan also requires no interest or principal payments for four and one-half years after contract completion. This grace period is important to allow early development around the Metro station to begin to create new revenue prior to the City’s first repayments.  The City’s loan application included an offer to accelerate repayment if revenue exceeds expectations.  Members of the Board took particular note of this innovative provision, which would allow the money lent to the City to be returned to the VTIB’s revolving fund 11 to 12 years earlier than originally planned.

Physical and Digital Models

  • A physical model has been prepared showing the relationship of each alternative (plus Design Option B-CSX) to its surroundings. The model is on view in the Planning & Zoning office on the second floor of City Hall, 301 King Street.
  • digital model has been prepared showing how each of the Build Alternatives as well as Design Option B-CSX might look to drivers traveling on the George Washington Memorial Parkway (GWMP).  

New Construction 

  • Trail construction along Potomac Yard Park is underway between Main Line Boulevard and Braddock Road, and is scheduled to be completed in the winter of 2014/2015.

  • Construction of the Route 1 BRT median lanes between Potomac Avenue to East Glebe Road was completed in Summer 2014. Phase I of the new Metroway BRT service between the Braddock Road and Crystal City Metrorail stations began on August 24, 2014.
  • Route 1 Northbound Lanes Widening (Potomac Avenue to East Glebe Road) completed June 2012.
  • Construction is underway in Landbays I and J East, including townhomes, two finger parks and a neighborhood park.
  • Potomac Yard Park construction is completed.
  • Potomac Avenue construction is completed.
  • Simpson Fields, as approved with Landbay K, is nearly complete.
     

 

301 King Street, Room 2100
Alexandria, VA 22314
703.746.4666
Fax: 703.838.6393
E-Mail

Office Hours:
Monday - Friday
8:00 a.m. - 5:00 p.m.