Image courtesy of HRP
Rendering of redevelopment of Old Town North power plant.
HRP Group has received unanimous approval from the Alexandria City Council for the Development Special Use Permits (DSUPs) for the first phase of redevelopment of the former Potomac River Generating Station power plant site in Old Town North, as well as a Tax Increment Financing (TIF) package to support public infrastructure investment.
These approvals will enable the transformational redevelopment of the long-inaccessible site to move forward, with groundbreaking anticipated in 2027. The City Council action follows a unanimous recommendation for DSUP approval by the Alexandria Planning Commission on June 2, 2026.
Over the past year, development plans were advanced for the first two blocks of vertical construction, Blocks B and C, along with two publicly accessible open spaces. The approved DSUPs for Block B, Block C, the Waterfront Park and the Rail Corridor Park establish the framework for the initial phase of transforming the 19-acre former coal-fired power plant site into a vibrant mixed-use neighborhood featuring residential apartment and condominium buildings, ground floor retail, affordable housing units, publicly accessible open space, enhancements to the Mount Vernon Trail, extensive pedestrian and bicycle connectivity, public transit integration, streetscape enhancements, and other new public infrastructure.
Also read: The Fight to Build Mount Vernon Trail
Throughout the planning and approval process, the HRP team presented plans and designs to the Waterfront Commission, Park and Recreation Commission, Urban Design Advisory Commission (UDAC), Human Rights Commission, and the Alexandria Housing Affordability Advisory Committee (AHAAC). Coordination also continued with the National Park Service (NPS) regarding planned improvements to the Mount Vernon Trail and the George Washington Memorial Parkway corridor. The HRP project team held 20 community meetings, hosted public site tours for over 600 residents, and maintained ongoing engagement with local community organizations and stakeholders.
“Today’s milestone reflects what can be accomplished when a community comes together around a shared vision to transform a legacy industrial site into a vibrant new place,” said HRP CEO Roberto E. Perez.
“We thank the City of Alexandria for their collaboration and support of a public-private partnership that will play a vital role in making this project possible as envisioned and delivering generational community benefits. We can’t wait to break ground on this transformational redevelopment.”
HRP acquired the former Potomac River Generating Station in 2020 with plans to transform the 19-acre property in Old Town North into a waterfront mixed-use development. Following approval of the Coordinated Development District (CDD) Concept Design Plan in July 2022, HRP advanced the Infrastructure Development Site Plan (IDSP) and Coordinated Sustainability Strategy (CSS), which received City approval in June 2023.
HRP continues to work collaboratively with the City of Alexandria and community stakeholders on a redevelopment plan that incorporates waterfront dining, public open space, retail, and residential uses in alignment with the Old Town North Small Area Plan adopted in 2017.
At full buildout, the redevelopment is expected to include up to 2.5 million square feet of residential and commercial buildings, approximately 160 affordable housing units, more than 10 acres of publicly accessible open space including waterfront access, and the creation of a projected 3,100 permanent and construction jobs. Coordination with NPS through the NEPA review process is ongoing for improvements that will be made to NPS-managed property.
The TIF package approved provides $135 million, split over two phases, in bonds backed by the future tax revenue generated by the project to support public infrastructure and associated costs, including deconstruction of the power plant, environmental remediation, new public roads, and new and improved public open space. A TIF is an economic development tool that captures a portion of the new tax revenue generated by a project – revenue that would not exist without the development – to finance a bond issuance.
Over the life of the TIF, the redevelopment is projected to generate approximately $770 million in net new revenue for the City of Alexandria. Information about the City’s analysis and the terms of the TIF structure are available at www.alexandriava.gov/PRGS.
