New affordable units and market-rate apartments are coming to a Northern Virginia neighborhood near Amazon’s second headquarters.
Real estate investment trust JBG Smith said Thursday it submitted plans to the city of Alexandria to develop more than 750 apartments, townhouses and affordable housing units in the Potomac Yard district.
JBG said the plans are the latest steps it's taking to increase residential options in a quickly transforming area close to Amazon's HQ2, as the tech giant's second headquarters is known.
“The region is in desperate need of new housing," said Taylor Lawch, senior vice president of development at JBG, 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,” he added in reference to the transit station that opened last year.
The future housing will also be located near Virginia Tech’s $1 billion graduate campus, which is expected to open its first academic building, an 11-story, 300,000-square-foot property, in 2025 after delays.
Building out National Landing
About 75% of JBG's holdings are in the National Landing district of Northern Virginia that encompasses parts of the Crystal City and Pentagon City neighborhoods of Arlington County and Potomac Yard in Alexandria.
On one site, the company would like to build 100 units dedicated to affordable housing. It also put forward plans for about 550 multifamily units in two 7-story buildings on the property.
On another tract, the company has proposed to build roughly 116 single-family townhouses.
Amazon opened HQ2 in 2023, but there have been delays in completing the next phase.
Over the summer, Amazon said that since the launch of the housing equity fund it kick-started in 2021, it has committed $1.1 billion to create and preserve more than 9,400 affordable homes around the nation's capital. The company increased its focus on adding housing near its offices after complaints that tech companies were driving up living costs.
Amazon did not immediately return an email request for comment on JBG's plans.
Meanwhile, JBG has begun marketing efforts at a nearby residential property it owns.
The REIT said leasing began last week at The Zoe, a luxury apartment building at 2051 S. Bell St. in National Landing.
International design firm Studios designed the 19-story tower with 420 apartments and nearly 10,000 square feet of street-level retail space. SK+I Architecture served as the architect of record.
Its sister building, Valen, located directly adjacent to it at 2050 S. Bell St., is expected to start leasing in the spring. Designed by firm KPF, that 25-story glass tower is expected to feature 355 apartments, 15,000 square feet of street-level retail space and a rooftop pool and lounge.
Those followed two other multifamily properties, The Grace and Reva, that JBG opened this year in National Landing.
JBG plans to hold the first of several community meetings centered on its development plans on Monday.