Entertainment District Developer To Preserve 500 Affordable Units

ALEXANDRIA, VA — Amid public scrutiny of a proposed entertainment district with a Washington Capitals and Wizards arena, the developer announced a plan to preserve more affordable housing.

Impacts on housing costs is one of the concerns voiced by residents opposed to the entertainment district and arena proposal. JBG Smith, the developer behind the entertainment district as well as Amazon's second headquarters, said it will identify and work to preserve at least 500 units as affordable workforce housing. This is in addition to more housing planned with future Potomac Yard development.

The developer said it will work with the City of Alexandria and have a focus on the Arlandria/Chirilagua neighborhood, a predominately Latino community that has faced concerns about rising rents. The 500 units will be affordable to households making as low as 40 percent of the Area Median Income.

"We have tools at our fingertips that allow us to move quickly to preserve affordability, prevent displacement, and make an immediate difference in the lives of Alexandrians," said AJ Jackson, executive vice president of social impact investing at JBG Smith. “JBG Smith’s history and proven track record of working with Alexandria to create committed affordable workforce housing, combined with the transformative catalyst of the new Sports and Entertainment District, provide a tremendous opportunity to strengthen the vibrancy and inclusiveness that make Alexandria exceptional."

The affordable housing commitment will contribute to Alexandria's goal of 2,250 committed affordable workforce housing units by 2030. The developer previously worked with the city and Virginia Housing to help acquire the 326-unit Parkstone Alexandria with phased-in affordable housing.

Alexandria's Mayor Justin Wilson expressed support for JBG Smith's affordable housing assistance.

"We view the proposals for the new Potomac Yard Entertainment District as an economic boon for the City, but also a unique opportunity to expand our supply of both market-rate and committed affordable housing stock," said Wilson. "We welcome JBG Smith’s partnership in furthering Alexandria’s committed affordable housing production and preservation efforts and look forward to additional partnership in the future."

MORE COVERAGE:

• Washington Capitals, Wizards Move From DC To NoVA Outlined
• $1.4B Potomac Yard Arena Legislation Introduced In VA House, Senate
• Potomac Yard Arena: Team Owner Launches Website Addressing Opposition
• Proposed Arena Prompts Sports Authority, Transportation Discussions
• Washington Capitals, Wizards Move From DC To NoVA Outlined
• 'Not A Final Deal': Alexandria Mayor Addresses Sports Arena Proposal
• Arena In Alexandria's Potomac Yard Could Create 29K+ Jobs: Report
• Majority Oppose Capitals, Wizards Arena In Alexandria: Patch Survey
• Potomac Yard Arena Proposal: Coalition Opposes, Town Hall Planned