Alexandria one step closer to building a new Metrorail station
Alexandria is one step closer to getting a new a new Metrorail station in the Potomac Yard area, a project expected to generate billions of dollars in new private sector investment.
The Commonwealth Transportation Board (CTB) has approved a $50 million, low-interest loan from the state’s Virginia Transportation Infrastructure Bank to assist Alexandria in building the station.
The Potomac Yard Metrorail Station would be built on Metro's Yellow and Blue lines, in between the Braddock Road and Ronald Reagan Washington National Airport stations, with a specific location yet to be decided.
According to the city of Alexandria, new development around the station is expected to generate private sector investment supporting up to 26,000 jobs within a quarter mile of the station and 13,000 new residents within one half mile.
The project is part of Alexandria's strategy to focus development on areas served by public transit.
The total cost of the project is expected to be between $209 million and $268 million. The loan from the VTIB provides up-front construction funds at lower interest rates than municipal bonds, 2.17 percent over 30 years, and would be repaid in part with revenues from new development at Potomac Yard.
The remaining financing would come from private developer contributions, two already created tax districts, the Northern Virginia Transportation Authority and federal funding.
Alexandria is in the process of completing an environmental impact as a part of applying for federal funds. The city is expected to chose a final location for the station in April. If it receives funding, the station is expected to open in late 2018.