Potomac Yard News & Updates
Potomac Yard Metrorail Station Project Moves Forward With Staff Report for Consideration by Alexandria City Council
The Potomac Yard Metrorail Station project reached its next milestone, as City of Alexandria staff issued a report recommending Alternative B for the construction of a new station. The staff report, along with the Draft Environmental Impact Statement (EIS) published on March 27, will be the subject of eight public meetings and hearings prior to City Council’s consideration on May 20.
- The staff report can be viewed here.
- City Council Public Hearing
Saturday, May 16, 9:30 a.m.
City Hall, Council Chamber, 301 King St.
Public Comment Period Officially Begins on Draft Environmental Impact Statement for Potomac Yard Metro
On Friday, April 3, the City marked another important milestone in the Potomac Yard Metro process as the Environmental Protection Agency published the Notice of Availability for the Draft Environmental Impact Statement (DEIS) in the Federal Register. This officially kicks off the public comment period, which closes on May 18. The City has scheduled many opportunities for stakeholders to learn more about the DEIS and the benefits, history, purpose, and financial feasibility of the new station. The City held the first of three Community Open Houses on March 31, with two more open houses planned for April 8 and April 13. In addition, the public may provide comment at five applicable board and commission meetings and a formal public hearing on May 16. The Washington Metropolitan Area Transit Authority (WMATA), the agency that will operate the new station, will also hold a public hearing on April 30. For a detailed schedule of engagement opportunities, visit the Potomac Yard Metrorail Station page.
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. The 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.
- A 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).
- 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.