[Archived] Northern Virginia Transportation Authority Approves Additional $66 Million for the Potomac Yard Metrorail Station

Northern Virginia Transportation Authority Approves Additional $66 Million for Potomac Yard Metrorail Station

For Immediate Release: July 18, 2016

On July 14, the Northern Virginia Transportation Authority (NVTA) approved $466 million in funding for 12 regionally significant transportation investments, including $66 million for the Potomac Yard Metrorail Station. This brings the total amount of NVTA funding for the project to $69.5 million.

“NVTA’s investment of close to $70 million underscores the new station's significance not only to Alexandria, but to all of Northern Virginia,” said Mayor Allison Silberberg, who represents the City on the NVTA's governing body. “Potomac Yard Metro will be a key part of our region’s transportation system, allowing people to move through the congested Route 1 corridor without getting in their cars."

NVTA is one of the major transportation funding organizations in Northern Virginia. The agency is responsible for the region’s long range transportation plan and evaluates each proposed project its potential to reduce congestion relative to its cost.

The Potomac Yard area represents one of the most critical redevelopment opportunities for Alexandria, with the potential to achieve the vision for an urban mix of residential, office, and retail uses with significant transit services.  The new Metrorail station, to be built on Metrorail's Yellow and Blue Lines between the existing Braddock Road and Ronald Reagan Washington National Airport stations, would provide an extensive range of benefits for Alexandria and the surrounding community.  The station, which would provide walkable access to regional transportation systems for neighborhoods in the northeast portion of the city, is expected to generate billions of dollars in new private sector investment, and support up to 26,000 new jobs and 13,000 new residents.

The station is anticipated to be funded through a variety of sources – including capture of new tax revenue gained primarily from development in Potomac Yard; regional transportation authority grants; developer contributions; federal and state funds; and special tax district revenue – without the need for any additional local funds. This means most residents and businesses in Alexandria will not have to contribute existing local general fund tax revenues to the station's construction or operation.

For more information about the Potomac Yard Metrorail Station project, visit www.alexandriava.gov/PotomacYard.

For media inquiries, contact Andrea Blackford, Senior Communications Officer, at andrea.blackford@alexandriava.gov or 703.746.3959.

Note: This news release was edited on July 19, 2016, at 11 a.m., to correct the total NVTA funding package in the first line from $463 million to $466 million.