Developer JBG Smith starts construction on the big Potomac Yard redevelopment project in Alexandria, Virginia, this month.
The 20-acre site, between U.S. Route 1 and Dangerfield Island on the Potomac River, will be home to the $1 billion Virginia Tech Innovation campus, as well as office and residential buildings and retail.
It is next to the planned new Potomac Yard Metro station, expected to open next year.
Potomac Yard is currently a mix of residential and retail buildings. JBG Smith’s initial development will include demolition and infrastructure work to prepare the site for redevelopment.
Phase 1 of Potomac Yard will include four office towers and two residential buildings with street level retail space, in addition to Virginia Tech’s campus.
Virginia Tech is proceeding with construction on its first phase, with a 300,000-square-foot education and research building. The 11-story building, set to be completed in 2024, will be used for masters and doctoral graduate programs focused on computer science and computer engineering.
The campus is expected to work closely with Amazon. Amazon’s HQ2 is now based in National Landing, initially occupying several leased buildings in Crystal City. JBG Smith is building two office towers totaling 2.1 million square feet for Amazon near Pentagon City Mall, called Metropolitan Park, which is expected to be completed in 2023.
Virginia Tech last week announced a $10 million donation from Reston-based Octo Consulting Group founder and CEO Mehul Sanghani and his wife, Hema Sanghani, both Virginia Tech graduates. The money will support the Sanghani Center for Artificial Intelligence and Data Analytics at the school’s Potomac Yard campus.