With the announcement of Amazon’s HQ2 in Arlington and the accompanying Virginia Tech Innovation Campus in Alexandria, the region’s housing affordability issues in light of the corporate move have come to center stage. As our new neighbors (literally, in the case of the VT campus) settle in, AHDC is eager to join the conversation around how we make housing affordable for all here in Alexandria.
What’s coming with HQ2 and affordable housing (from hqnova.com):
A commitment from the Virginia Housing Development Authority (VHDA) to increase it’s rental program, homeownership program, and other allocations for NoVA.
An estimated $7 million/year of additional affordable housing investments from Arlington, based on projected housing growth
An estimated $1 million/year of additional affordable housing investments from the City of Alexandria from new revenue growth from the project
The launch of the Washington Housing Initiative from JBG Smith, to both create new housing and fund other organizations who create new housing
Additionally, new state investments in our transportation network (including an expansion to the new Potomac Yard Metro Station entrances), K-12 STEM education, and in creating advanced tech degree programs at Virginia universities are also expected.
Where is AHDC located in this geography?
AHDC’s property The Station will be located across Route 1 from the new planned Virginia Tech Innovation Campus. Arbelo Apartments and The Bloom (opening 2020) are both located within a mile’s walking distance of the new campus as well.
Virginia Tech anticipates that 350,000 SF of it’s 1 million SF space will be set up as housing for students and faculty. Some students, and those who work the support jobs that come with a campus, will be looking to live in the area as well.
Resources about HQ2:
News About HQ2:
Virginia Tech: Press Release about Innovation Campus
Alexandria Times: Amazon Selects Crystal City for HQ2
Greater Greater Washington: Crystal City is (probably) ready for HQ2’s transformation
Greater Washington Partnership (PDF): GWP Announces Launch of Regional Housing Framework
What does Amazon’s HQ2 mean for the Washington Region’s Housing Market?