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