JBG Smith has secured approval from the city of Alexandria, Virginia, to build for-sale townhomes and 640 units of affordable and market-rate rental apartments near transit, the Bethesda, Maryland-based REIT announced in a Monday press release.
The development plan includes more than 30,000 square feet of open space and 13,000 square feet of retail and encompasses a mix of residences across four vacant parcels next to the Potomac Yard Metro station.
JBG Smith’s plans are as follows:
- It will develop 432 units of market-rate apartments across a 7-story building.
- Alexandria-headquartered nonprofit Wesley Housing will deliver 88 units of dedicated affordable housing in predominantly family-sized two- and three-bedroom units across a 6-story building built on land donated by JBG Smith.
- Toll Brothers of Fort Washington, Pennsylvania, will build 120 single-family townhome units.
In recent years, Potomac Yard has benefitted from an infusion of public and private investment in the neighborhood’s long-term development, per the release. Potomac Yard is anchored in part by Virginia Tech’s Innovation Campus and is also close to Ronald Reagan Washington National Airport and Amazon’s HQ2.
“This mixed-use development is designed to bring much needed rental, affordable and family-friendly for-sale housing to the neighborhood, culminating a quarter century of development in the southern portion of Potomac Yard,” Taylor Lawch, co-head of development at JBG Smith, said in the release.
JBG Smith owns, operates and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, D.C., most notably the National Landing neighborhood across the Potomac River in Virginia. In August, the firm announced that it was repurposing two out-of-service office buildings in National Landing into a 195-unit apartment complex and a 344-room dual-branded hotel.
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