JBG Smith, a real estate investment trust headquartered in Bethesda, Maryland, announced in a press release on Monday that it has received approval from the City of Alexandria, Virginia, to develop for-sale townhomes and 640 apartment units, including affordable housing and market-rate rentals, in a transit-oriented area.

The development plan includes over 30,000 square feet of open space and 13,000 square feet of retail space, encompassing multiple residential types across four vacant lots adjacent to the Potomac Yard Metro station.

JBG Smith's specific plans are as follows:

  • It will develop 432 market-rate rental apartments in a seven-story building.
  • Wesley Housing, a nonprofit based in Alexandria, will build a six-story building on land donated by JBG Smith, providing 88 units exclusively for affordable housing, primarily with two- and three-bedroom layouts suitable for families.
  • Toll Brothers, based in Fort Washington, Pennsylvania, will build 120 single-family townhome units.

The press release noted that in recent years, Potomac Yard has benefited from public and private investment in the community's long-term development. The area is partly anchored by Virginia Tech's innovation campus and is close to Ronald Reagan Washington National Airport and Amazon's second headquarters.

"This mixed-use development aims to bring much-needed rental housing, affordable housing, and family-friendly for-sale homes to the community, thereby capping a quarter-century of development south of Potomac Yard," said Taylor Lawch, co-head of development at JBG Smith, in the press release.

JBG Smith focuses on owning, operating, and developing mixed-use properties in amenity-rich, transit-served submarkets in and around Washington, D.C., particularly in National Landing across the Potomac River in Virginia. In August, the company announced plans to convert two decommissioned office buildings in National Landing into a complex with 195 apartments and a dual-brand hotel with 344 rooms.

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