JBG SMITH, a developer heavily involved in proposed plans to build a sports and entertainment district in Potomac Yard, announced that it will double the number of affordable housing units it plans to preserve from 500 to 1,000.
“Housing that is affordable and accessible is not just a piece of the puzzle; it’s integral to a holistic approach that drives equitable solutions to employment, transportation, and economic inclusion,” said Matt Kelly, Chief Executive Officer at JBG SMITH, in a press release.
In addition to helping preserve existing affordable housing in Alexandria, JBG SMITH plans to build new market-rate housing in the Potomac Yard neighborhood in what could be a new sports and entertainment district. State and local officials, along with Monumental Sports owner Ted Leonsis, announced plans to move Monumental Sports HQ, two professional sports teams and more to Potomac Yard in December.
However, the future of the entire Entertainment District remains uncertain. Financing and required legislation for the governing body of the district was not included in the Virginia state budget. Gov. Glenn Youngkin plans to introduce either separate legislation or an amendment to the budget, but several legislative officials statewide are still opposed to it. Monumental Sports is also facing pressure from Washington, D.C. to stay there.
JBG SMITH has worked with the City of Alexandria in the past to help preserve affordable housing, including the acquisition of Parkstone Alexandria in the West End, where affordable housing is being phased in.
