JBG SMITH to Begin Initial Phases of Potomac Yard Development

Rhea-AI Summary

JBG SMITH (NYSE: JBGS) is set to commence demolition and infrastructure work this month in Alexandria’s Potomac Yard for a new educational and commercial space, centered around the $1 billion Virginia Tech Innovation Campus. The project involves 1.7 million square feet, including office towers and residential buildings. Virginia Tech will construct a 300,000-square foot facility supporting computer science and engineering programs, aiming for LEED recognition. The project is anticipated to enhance collaboration between academia and industry while creating vibrant mixed-use developments.

Positive

• Commencement of a $1 billion development project in Alexandria's Potomac Yard.
• 1.7 million square feet of mixed-use space planned, including office towers and residential units.
• Virginia Tech to construct a 300,000-square foot educational building, promoting tech programs.
• Expected LEED certification highlights the project's sustainability focus.

Negative

• None.

JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, will start demolition and infrastructure work in Alexandria’s Potomac Yard this month on a new generation of educational, commercial, and multifamily space anchored by the $1 billion Virginia Tech Innovation Campus.

JBG SMITH is the master developer on behalf of both Virginia Tech and JPMorgan for the 20-acre innovation district adjacent to the planned new Potomac Yard Metro Station. In December, JBG SMITH and Virginia Tech received final approvals from the city to move forward with the first phase of an innovation district encompassing approximately 1.7 million square feet of space including four office towers and two residential buildings with retail at the base.

For Virginia Tech’s portion of the development square footage, the university will proceed with construction of their first phase of a 300,000-square foot educational and research building.

The university’s 11-story academic building will house instruction, research, office, and support spaces for masters and doctoral graduate programs focused in computer science and computer engineering. Designed by SmithGroup with sustainability, connectivity, and integrated technology in mind, the distinctive building will be able to capture sunlight and convert it to energy and it is expected to achieve LEED recognition from the US Green Building Council. Virginia Tech is slated to begin construction next summer, with occupancy expected in 2024.

“It is a testament to the importance of this initiative, and the determination of our project partners, that we were able to navigate this complicated approval process in the midst of a global pandemic,” said Kai Reynolds, Chief Development Officer at JBG SMITH. “We are grateful to our colleagues at Virginia Tech for presenting such a bold and compelling vision for its new urban innovation campus, and to the dedicated Alexandria City staff for embracing that vision, even as the world shifted around us.”

Lance Collins, Vice President and Executive Director of the Virginia Tech Innovation Campus, said the campus and surrounding innovation district are designed to unite a diverse faculty and student community with partners in the private and public sectors.

“Bringing academia, industry, and government together is how we will create impactful programs, transformative research and strong leaders who are ready to address the nation’s escalating technology challenges and create the next generation of tech companies,” he said.

In addition to the Virginia Tech Innovation Campus, the surrounding district plans include a vibrant mixed use of multifamily units, commercial space, and ground-floor retail. The project also includes more than 57,000 square feet of planned public and private open space.

About JBG SMITH

JBG SMITH is an S&P 400 company that owns, operates, invests in and develops a dynamic portfolio of high-growth mixed-use properties in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region, including National Landing where it now serves as the exclusive developer for Amazon’s new headquarters. JBG SMITH’s portfolio currently comprises 20.7 million square feet of high-growth office, multifamily and retail assets, 98% at our share of which are Metro-served. It also maintains a development pipeline encompassing 17.1 million square feet of mixed-use development opportunities. For more information on JBG SMITH please visit www.jbgsmith.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210114006028/en/

FAQ

What is the Virginia Tech Innovation Campus project by JBG SMITH?

The Virginia Tech Innovation Campus project involves the development of a $1 billion educational, commercial, and multifamily space in Alexandria's Potomac Yard, featuring approximately 1.7 million square feet.

When will construction begin for the Virginia Tech educational building?

Construction for the Virginia Tech educational building is expected to start next summer, with occupancy anticipated in 2024.

What are the sustainability goals of the Virginia Tech Innovation Campus?

The Virginia Tech Innovation Campus aims to achieve LEED recognition, focusing on sustainability and energy-efficient design.

What role does JBG SMITH play in the Potomac Yard project?

JBG SMITH is the master developer for the 20-acre innovation district, collaborating with Virginia Tech and JPMorgan.

How many square feet will the Virginia Tech Innovation Campus encompass?

The Virginia Tech Innovation Campus is part of a larger project that will encompass approximately 1.7 million square feet of space.