JBG Smith Proposes More Than 750 Housing Units for Potomac Yard
The developer canceled plans for a 9M-SF entertainment district at Potomac Yard earlier this year.
By Nick Trombola December 12, 2024 1:13 pm
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Northern Virginia mixed-use development king JBG Smith (JBGS) continues to expand its Potomac Yard project in Alexandria with a set of new affordable and multifamily proposals.
The Bethesda, Md.-based real estate investment trust submitted plans with the City of Alexandria to build more than 750 units on four vacant lots near the year-old Potomac Yard Metro station. Those plans include about 550 multifamily units across two seven-story buildings, about 116 for-sale townhomes, and about 100 units of unspecified affordable housing.
JGB Smith has been involved in Potomac Yard since 2013, owning much of the area near the $370 million Metro station, which opened in 2023. The company is also the developer behind Virginia Tech’s $1 billion innovation campus at the mixed-use district, part of which is set to open early next year.
“The region is in desperate need of new housing,” Taylor Lawch, JBG Smith’s senior vice president of development, said in a statement. “Our proposal seeks to provide a healthy mix of rental, for-sale and dedicated affordable housing options for those who wish to call Potomac Yard home, no matter their budget or household size.
“In addition, this plan will generate significant additional tax revenues that will be used to help pay for the new Metro station at Potomac Yard, while also maintaining and strengthening the quality of local resident services,” Lawch added.
The developer is also behind National Landing, the massive 150-acre district north of Potomac Yard anchored by Amazon (AMZN)’s more than 2 million-square-foot HQ2, the first phase of which opened in summer 2023.
JBG Smith was also meant to develop the 9 million-square-foot entertainment district in Potomac Yard intended as the new home of the Washington Capitals and Wizards professional sports teams. Those plans were ultimately canceled earlier this year after the teams’ owner, Monumental Sports & Entertainment, worked out a deal with Washington, D.C., Mayor Muriel Bowser to keep both teams in the District until at least 2050.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
