Tuesday, February 07, 2012

MRP and JBG To Develop the Exchange At Potomac Yard

MRP Realty and JBG Companies this week announced plans to jointly develop a new 1.9 million s.f. mixed use project at Potomac Yard, just one mile south of Reagan National Airport.

The joint-venture plans for the 17-acre development along Route 1, to be known as The Exchange, call for a town center featuring 800,000 s.f. of office and hotel space, with two hotels offering 625 rooms, along with 534 residences. The town center will include a plaza that features a seasonal ice skating rink.

SK&I is the residential architect and Gensler the master planner, according to MRP spokeswoman Julie Chase. MRP also hired SK&I and Gensler for its Washington Gateway project, set to break ground this year.

The development will also be served by the region's only Bus Rapid Transit system which could begin operating along Route 1 by 2013-2014. Further out, the long-awaited infill-station on the Metro's Blue and Yellow Line could serve both Potomac Yard shoppers, located just north of the planned development, and The Exchange residents and office workers.

Metro is in the process of drafting an Environmental Impact Statement on how to best locate and construct the infill station site and a final decision on the station is expected in late 2013.

Groundbreaking for The Exchange development's infrastructure began in December 2011 and construction on the first 323 residences will commence in the second quarter of 2012, the companies said.

Arlington, Virginia real estate development news


Kolohe said...

1 mile south, not north, no? This is between the Target and the Firehouse, yes?

Jay on Feb 9, 2012, 9:04:00 AM said...

Your map is confusing, showing maskell street on the west side of route one.

Is this at Landbay G?

Your map shows this as a longish town center, whereas the space there is more of a square?

Anyway, great news for PY, it is coming along nicely.

Anonymous said...

Jay, I'm confused by your post. The map looks fine to me. This is south of the airport, though.

Anonymous said...

It should be Yard, singular.

Anonymous said...

Jay, you're totally misreading the diagram.

The rectangle is the likely location of the metro station.

What you think is Route 1 is actually the train tracks. Maskell Avenue is between the tracks and Route 1.

The proposed apartment building is at East Glebe and Route 1, near the fire station.

The construction start date is a little optimistic, because it hasn't gone before Planning Commission yet. The plan however, is a decade old.

Jay on Feb 9, 2012, 11:45:00 AM said...

My bad, sorry, thanks for the clarification.


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