JBG SMITH Starts Work on 20-Acre Potomac Yard Development
By Keith Loria January 15, 2021 10:48 am
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Developer JBG SMITH will begin the demolition and infrastructure work in Potomac Yard later this month, making way for the development of a 20-acre educational, commercial and multifamily space anchored by the $1 billion Virginia Tech Innovation Campus in Alexandria, Va.
The master developer is working on the 1.7-million-square-foot project on behalf of Virginia Tech and JPMorgan Chase (JPM).
“It is a testament to the importance of this initiative, and the determination of our project partners, that we were able to navigate this complicated approval process in the midst of a global pandemic,” Kai Reynolds, JBG Smith (JBGS)’s chief development officer, said in a statement. “We are grateful to our colleagues at Virginia Tech for presenting such a bold and compelling vision for its new urban innovation campus, and to the dedicated Alexandria City staff for embracing that vision, even as the world shifted around us.”
Last month, JBG SMITH received final approvals from the city to begin the first phase of the project, which will include four office towers and two residential buildings with retail at the base, according to the statement.
Virginia Tech’s portion of the first phase of the Virginia Tech Innovation Campus will consist of an 11-story, 300,000-square-foot educational and research building, which will house instruction, research, office and support spaces for graduate programs focused on computer science and computer engineering.
Virginia Tech is set to start construction next summer, though occupancy is anticipated for 2024.
“Bringing academia, industry, and government together is how we will create impactful programs, transformative research and strong leaders who are ready to address the nation’s escalating technology challenges and create the next generation of tech companies,” Lance Collins, the innovation campus’ vice president and executive director, said in a statement.
The project, which will also include more than 57,000 square feet of planned public and private open space, will be adjacent to the planned Potomac Yard Metro Station.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
