The Station at Potomac Yard
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|Affordable and Workforce Housing:
- The four-story residential component consists of 12 one-bedroom, 49 two-bedroom, and 3 three-bedroom units, ranging in size from 700 to 1300 square feet.
- Forty-four units serve households with incomes at or below 60% of the area median income.
- Twenty units serve "workforce" households with incomes up to 80% of the area median income.
- Amenities include a fully secure, smoke free building, a community room, a shared rooftop terrace, underground parking, pet friendly units, and nearby public transportation, employment, shopping, and schools.
Design, Construction, and Management:
- This multiuse project is an excellent example of "Smart Growth" and "green" building practices with the ground level fire station LEEDS Silver certified and the housing component awarded the Earthcraft Multifamily Project award.
- The structure is a model of sustainable design, construction, and livability, designed by architects, Rust Orling and Lemay Erickson, and built by Whiting Turner.
- The residences are leased, managed and operated by Equity Management, Inc. The resident manager, Christy Martinez, can be reached at email@example.com or 703-751-0003.
- When the City brokered a deal with the developer of the Potomac Yard complex to obtain donated land and $6.6 million for a new fire station, City planners recognized that the new firehouse could create additional housing for low-income residents and city workers.
- Should families be housed over a firehouse? New regulations prohibit fire trucks from turning on their sirens until they have moved away from the firehouse; many new materials exist to mitigate sounds in the units above a firehouse; and people who live next to firehouses report few problems.
- The PY developers also made a voluntary affordable housing contribution of $6 million to defray the cost of developing the affordable housing portion of the building.
- After extensive vetting of the project, City officials agreed the project was a win/win for everyone and unanimously approved it.
- AHDC was designated by the City to develop, finance, own, operate, and manage the residential portion of the project, and to maintain it as long term affordable housing.
- In March, 2007, AHDC submitted a successful application for low income housing credits and the project was awarded more than $10 million in tax credit equity. Our tax equity credit partner is RBC Capital Markets.
- The balance of the project financing is being provided through below-market mixed-use, mixed income loans from the Virginia Housing Development Authority (VHDA).
- AHDC and the City own the project together as a two-party condominium. The City owns the fire station and AHDC owns the residences, the community room, and the first floor commercial space which is leased to Edward Jones www.edwardjones.com Financial Advisors.
Community Room Rental
The Station's Community Room can be rented by community and civic organizations for meetings for a fee of $25. Please contact our property management at firstname.lastname@example.org or 703-751-0003 for room availability and further details. The room can be partitioned into two meeting spaces and accommodates up to 45 people.
Project Awards and Citations
This project has won multiple prestigious awards and recognition and been featured in many publications. Click here for more information.
Governor Kaine Visits The Station as Part of His "Renew Virginia" Program.