FOR IMMEDIATE RELEASE: December 14, 2007 - PIO#318-07/ajb
For More Information, Contact: Andrea Blackford, Communications Officer at 703.519.3489
City of Alexandria Celebrates Potomac Yard Development Groundbreaking
Occasion Marks an Innovative Public-Private Collaboration
On Saturday, December 15, officials from the City of Alexandria and Potomac Yard Development, LLC (comprising Centex and Pulte Homes) will break ground on The Station at Potomac Yard, an innovative public-private partnership combining affordable housing, retail, and community infrastructure. The public is invited to attend this special event, which begins at 8:30 a.m. at East Glebe Road and Jefferson Davis Highway.
“The productive partnership between the City of Alexandria and Potomac Yard Development, forged through creation of The Station at Potomac Yard project, has achieved extraordinary results which will benefit the whole community by enhancing public safety, meeting critical needs for new infrastructure and affordable housing, and by providing an excellent example of Smart Growth,” said Alexandria Mayor William D. Euille.
The collaboration between Potomac Yard Development and the City began in 2004 with a vision to redevelop a 167-acre tract along Jefferson Davis Highway (Route 1). The plan includes the City’s first new fire station facility in more than 30 years and an innovative mixed-use structure that combines first floor municipal use and a small retail element with a four-story residential component. Potomac Yard Development provided the parcel of land as well as $6.6 million for the new fire station. The residential component includes 44 long-term affordable rental units and 20 apartments with rents affordable to City workers, including first responders and teachers.
“In maximizing the use of donated land, incorporating green building design and principles, and in combining uses, including affordable housing close to shopping, amenities and public transportation, The Station is an outstanding model of sustainable design,” said James K. Hartmann, City Manager. “It is a project featuring construction and livability that Alexandria hopes to replicate again, possibly through other public-private collaborations.”
The Alexandria Housing Development Corporation (AHDC), a nonprofit housing entity designated by the City to develop, finance, own, operate, and manage the residential portion of the project, and to maintain it as long-term affordable rental housing, submitted a successful application for low-income housing tax credits. AHDC was awarded more than $10 million in tax credit equity by the Virginia Housing Development Authority, the state’s housing finance agency. Potomac Yard Development made a significant monetary contribution to the residential portion of the project.
“We’re proud of the partnership we formed with the City of Alexandria to bring to the city its first new fire station in over 30 years and to provide the city with much needed affordable housing,” said Kevin Hall, Land Development Manager, Potomac Yard Development. “This unique civic building will serve as a community focal point.”
*This release is accompanied by a complete project summary for Potomac Yard Development.