AHDC's Role: 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. The balance of the project financing will be provided through below-market mixed-use, mixed income loans available from the Virginia Housing Development Authority (VHDA). See The Station at Potomac Yard project featured in the REACH Virginia (Resources Enabling Affordable Community Housing in Virginia) Summer 2007 newletter. REACH is VHDA's initiative to serve the housing needs of Virginia's diverse communities. Affordable and Workforce Housing: The four-story residential component will include 12 one-bedroom, 49 two-bedroom, and 3 three-bedroom units, ranging in size from 700 to 1300 square feet. Forty-four units will serve households with incomes at or below 60% of the area median income. The remaining twenty units are designated as "workforce" housing, serving households with incomes up to 80% of the area median income. Amenities include a community room, a rooftop terrace, access to an on-site fitness room, and underground parking. Neighborhood-serving retail is planned for the first floor. Design and Construction: This project provides an excellent example of "Smart Growth," with the ground level fire station planned to be LEEDS certified and the housing component designed in conformance with Earthcraft program guidelines on energy efficiency to provide maximum long term savings for residents. The structure is a model of sustainable design, construction, and livability, designed by two leading architectural firms, Rust Orling and Lemay Erickson. Whiting Turner, a nationally recognized general contracting firm, is building the project. The residential component will be leased, managed and operated by Equity Management, Inc. Construction is well underway and the project is projected to be completed around October, 2009. Awards: This project has already won two prestigious awards. The first is an outstanding project award from the National Capital Area Chapter of the American Planning Association. The second was awarded to the City of Alexandria from the U.S. Conference of Mayors for The Station project. This award, just announced on January 24th, was given for Excellence in Public-Private Partnerships. (See the City of Alexandria News Release [PDF] dated January 24, 2008.) For more details and background information about The Station at Potomac Yard project: See "Approval Anticipated for Fire Station in Potomac Yard" by Brigid Schulte, Washington Post, February 22, 2007. See City of Alexandria News Release dated May 18, 2007. See the Presentation by Mayor William D. Euille to the Metropolitan Council of Governments at their Retreat on July 27-29, 2007. See "Skinny Streets and Fire Trucks" by Reid Ewing, Ted Stevens, and Steven J. Brown, Urban Land. August 2007. Go to the City of Alexandria's Planning and Zoning Department website and look at "Potomac Yard" under "More Information."
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