Vote on Potomac Yard Plan Set for April
March 7th, 2010 Categories: Alexandria, Real Estate News
A vote on the final development plan for Potomac Yard is set for April with the Alexandria Planning Commission and City Council. Known formally as the North Potomac Small Yard Plan, this massive undertaking would include a new $250 million metro station.
For those of you unfamiliar with the name, we are talking about the northern part of the old railroad yard – now known as Potomac Yard - that sits between Rt. 1 on the west and the George Washington Parkway on the east.
The 69 acre site is currently home to 600,000 square feet of retail (Target, PetSmart, Staples, Shoppers Food Warehouse, etc.). Under the new plan, more than 7.5 million square feet would be dedicated to mixed use development with building heights ranging from 65 to 250 ft:
- 2,000,000 sq. ft. for office buildings
- 930,000 sq. ft. for retail
- 4.400,000 sq. ft. for affordable housing; and a
- 170,000 sq. ft. hotel.
This level of density is required to justify the construction of the proposed metro station. “This plan is predicated on a new Metro station,” said Mark Jinks, Alexandria Deputy City Manager. “Based upon guidance from the Master Transportation Plan, there can be no construction (at Potomac Yard) without a metro station.
The original Potomac Yard Master Plan was approved in 1999 and, although amended several times with multiple changes of ownership, this is the final development proposal for this particular part of the property.
The North Potomac Small Yard Plan is fascinating reading and the decision by City Council will have both a lasting impact and far reaching consequences for our corner of the city.
There are still huge issues around construction and traffic for neighboring areas – like Del Ray – but we also stand to reap substantial rewards in accessibility and housing values. Personally, I’m looking forward to the possibilities.
Want to know more about the neighborhoods surrounding this development? Give me a call at 703.927.4554 and let’s talk.
Michael
Related stories:
; ?>/images/MatoChiclet.gif)
[...] is also a key component of development plans for Potomac Yard and just recently the City of Alexandria was awarded some $9 million in grants for enhanced transit [...]
Thank you for posting this inspiring blog. Visit my own!