• Main Components
  • Development of +/- 2.5 million square feet of mixed use, commercial, and residential development in conjunction with demolition and environmental abatement/remediation of the existing power plant site (the “Project”).
    • The Property is planned to be developed in multiple blocks, which are identified as Blocks A, B, C, D, E, and F in the City Council-approved Master Plan Amendment Nos. 2022-00002 and 2022-00001 and Coordinated Development District Conceptual Design Plan No. 2021-00004 for the Potomac River Generating Station (the “Development Approvals”).
    • Total estimated private investment: $2 billion +/-.
• Development of approximately $290M in public infrastructure, including public open space, public roadway and street improvements, utilities, pedestrian and bicycle facilities, site readiness, and related supportive improvements and scope necessary to facilitate the above (“Public Infrastructure”).
  • Phases:
    • Phase I: deconstruction of the power plant, associated environmental abatement and site remediation, site infrastructure, associated open space for Blocks A, B, and C.
    • Phase II: site remediation, site infrastructure and associated open space for Blocks D, E, F. 

• Financial Overview 
  • The City will structure and facilitate the issuance of $135M in net infrastructure proceeds from revenue bonds (the “Bonds”) to support eligible Public Infrastructure improvements associated with the Project. This bond issuance is independent of the City’s bonding capacity.
  • No more than $70M will be allocated to Phase I of the Project.
  • The remaining revenue bond balance will be allocated to Phase II of the project, provided that the Developer satisfies all terms of the future agreement(s) and performance criteria.
  • Funds can only be used for Public Infrastructure, not any private development.
• Reimbursement Model
  • The Developer will be responsible for all costs up front and will take on construction risk.
  • The Bond proceeds will reimburse Developer for eligible costs only after the work or a portion thereof is completed and verified. 
  • Payments to the Developer will be conditioned on meeting agreed Project milestones and availability of funding.
  • Upon completion, and subject to inspection and acceptance by the City, the Developer shall dedicate to public use and convey or provide public easements to the City, and the City will accept ownership or easement rights of, the Public Infrastructure improvements. 
• Tax Increment Revenues to Primarily Fund Debt Service on Bonds
  • The City expects to appropriate and transfer a portion of specified incremental tax revenues generated from the Project—limited to real property, sales, discretionary meals, and transient lodging tax revenues—sufficient to fund the debt service payments on the Bonds (“Tax Increment Revenues”). Any such transfer shall be subject to annual appropriation by City Council.
    • The Bonds will be repaid through new revenue generated by the Project, not existing City revenue.
    • Tax Increment Revenues will not include non-discretionary meals tax (1% for affordable housing) and 3.2 cent carve out from real property taxes (1 cent for housing and 2.2 cents for transportation).
  • CDA “Backstop.” The City expects to create a Community Development Authority (“CDA”), governed by a board appointed by the City Council, to issue Bonds and work with the City to structure how the Bonds are repaid.
    • If Tax Increment Revenues are insufficient to pay debt service on the Bonds for the Public Infrastructure, then the CDA could apply a special assessment (additional tax) on properties within 

• Timeline Requirements
  • Phase I: The Developer shall commence construction by December 31, 2027, and complete construction by December 31, 2030, including all Public Infrastructure and private development. The City Manager may, in his sole discretion, extend the commencement and completion deadlines for up to 24 months, upon a showing that Developer is diligently pursuing the Project and is in compliance with all applicable agreements. In no event shall the commencement date be extended beyond December 31, 2029, or the completion date beyond December 31, 2032.
  • Phase II: The Developer shall commence construction by December 31, 2030, and complete construction by December 31, 2034, including all Public Infrastructure and private development. The City Manager may, in his sole discretion, extend the commencement and completion deadlines for up to 24 months, upon a showing that Developer is diligently pursuing the Project and is in compliance with all applicable agreements. In no event will the commencement date be extended beyond December 31, 2032, or the completion date be extended beyond December 31, 2036.
  • The Parties shall negotiate enforcement mechanisms in the future agreement(s) which may include ineligibility for Bond proceeds and other remedies if the foregoing timelines are not met, subject to reasonable cure provisions. 
• Financial Requirements
  • Developer will be responsible for initially funding all costs for all Phases.
  • Developer/Developer’s Lender(s) must invest a minimum of $110M in Public Infrastructure in Phase I , including costs spent to date, before receipt of any Phase I Public Infrastructure financing proceeds. 

• In order to support the financing of the contemplated on-site affordable housing P3 project described in the Development Approvals, the affordable housing contributions provided by the Developer may, in the sole discretion of the City, be used as a source of funding for the P3 project. Any Affordable Housing Trust Fund contribution provided by the developer after the first Certificate of Occupancy will increase in amount over time, based on inflation, at a rate equal to the lesser of: (i) CPI + 100bps or (ii) 5% per annum. In the event the CPI is less than 2% for a given year, the assumed CPI for that year will be 2%.
  • The full Affordable Housing Trust Fund contribution, including increases, must be used for the Project’s affordable housing project, or paid to the City, no later than June 30, 2034.
    • The City Manager may extend this timeline up to 12 months if the Developer is making good-faith progress.
  • The Developer shall, in coordination with the City, identify and secure the City’s approval of the Affordable Housing developer, with qualifications and through a selection process acceptable to the City, as will be further defined in future agreement(s), prior to commencing vertical construction of Phase II of the Project.
  • The solicitation process for the Affordable Housing developer shall commence prior to any Phase II Bond issuance.

• The Developer will support local workforce and apprenticeship programs, including partnerships with the City and Alexandria City Public Schools, to benefit residents and students.

Tax increment financing (TIF) is a performance-based financing arrangement pursuant to which the locality agrees to appropriate amounts equal to all or a portion of the incremental tax revenues realized from a specific development or redevelopment above an agreed upon base amount for the provision of infrastructure improvements.

The Community Development Authority Act was enacted in Virginia in 1993. It was codified as Va. Code Article 6, Chapter 51, Title 15.2 (§§15.2-5152 et seq.) as part of Water and Waste Authorities Act. The first CDA in Virginia was formed in 1998 and issued bonds for Dulles Town Center infrastructure in Loudoun County. The CDA is a financing tool available to local governments that enables partnering with the private sector to provide infrastructure improvements and services. A CDA is a separate political subdivision which can be created by the locality for a specific development and may include voluntary special assessments imposed on the landowners within the CDA district if so requested and agreed to by the landowners. CDAs are generally created to facilitate the financing of infrastructure improvements and the provision of services made necessary by development or redevelopment within the CDA district and to generate revenues to support the acquisition of improvements and the delivery of services through special ad valorem taxes or assessments on property within the CDA district or other arrangements such as tax increment financing. Fairfax County (Mosaic District), Arlington County (Ballston Quarter), and other Virginia localities have created CDAs to facilitate development and redevelopment. The City of Alexandria also created a CDA for the Landmark Mall Redevelopment.

The proposal is consistent with the Old Town North Small Area Plan (OTNSAP) and achieves many of the goals and objectives for the site as well as the greater plan area. The PRGS site falls under Subarea 5 which is envisioned as a Mixed-Use/Innovation District. The proposed Conceptual Design Plan meets the following Principles for Subarea 5:

• Improve connectivity to, from and within the site, including extension of the existing street grid and establishing urban-scale blocks;
• Expand the waterfront public open space (2-4 acres);
• Create an east/west linear park within the rail corridor;
• Provide a 1-2 acre public park on the southwest portion of the site;
• Expand and improve Mount Vernon Trail access and safety;
• Create a network of open spaces within the site;
• Expand the tree canopy;
• Retain and adaptively reuse portions of the railroad tracks and other industrial elements;
• Identify retail focus area;
• Establish minimum building heights and provide a variety of building heights with consideration to views from the Potomac River and the neighborhood; and
• Prioritize environmental sustainability in building and infrastructure design.
  • In addition to meeting the principles above, the approved CDD concept plan included full abatement and remediation of the site, a minimum of 20% non-residential development, affordable housing in the form of set-aside units and a potential on-site Public-Private Partnership for an on-site project, a minimum of 30,000 square feet of dedicated arts and cultural space, off-site transportation improvements and a comprehensive environmental sustainability strategy.

Community engagement has been a fundamental aspect of the planning process for this site, beginning with the 18-month OTNSAP process which established principles and objectives for the site. Additionally, the developer has hosted a robust community engagement process with regular thematic community meetings as well as open house tours of the site.  The HRP website includes links to all community meeting videos, presentations and Q&A since the first meeting in 2021.

The Coordinated Development District (CDD) rezoning and CDD Conceptual Design were approved by City Council on July 5, 2022. The approval included the development of site-specific Urban Design Standards and Criteria and Design Excellence Prerequisites and Criteria. On June 6, 2023, the Planning Commission approved the Infrastructure Development Site Plan and a related subdivision. The Coordinated Sustainability Strategy was also approved in 2023.

Over the past year, the applicant has developed plans for the first two redevelopment blocks as well as the two open spaces. In late spring of 2026, HRP is requesting approval of Development Special Use Permits for Block B, Block C, the Waterfront Park and the Rail Corridor Park. The applicant has presented the proposed designs to the Waterfront Commission, the Parks and Recreation Commission, the Urban Design Advisory Commission (UDAC), the Human Rights Commission and the Alexandria Housing Affordability Advisory Committee (AHAAC) as well as at community meetings. Additionally, the applicant continues regular coordination with the National Park Service on improvements to the adjacent NPS land and the George Washington Memorial Parkway.