As development plans became more defined over time, the WSP team periodically provided revised financial forecasts reflecting more specific development plans, actual commercial and residential development, changes in commercial and residential market values, updated station cost estimates, and actual station fund collections.
We also provided support for specific tasks upon request, including assistance with a Transportation Investment Generating Economic Recovery (TIGER) grant application, a federal discretionary grant program in the United States, and analysis to support the successful application for a $50 million loan from the Virginia Transportation Infrastructure Bank (VTIB). We also advised the city on securing a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan of approximately $88 million.
Lastly, we analyzed the impacts of various proposed changes to the financial plan and development agreement, including requests from residents to eliminate the second tier of special district taxes, and developer requests to modify terms in response to changing real estate market conditions. Our analysis of these modifications and resulting findings and recommendations helped the city make informed decisions and be responsive to the various public and private stakeholders involved in this complex project.
A Milestone in the Effort to Bring a New Transit Station to Alexandria
In 2018, WMATA and the City of Alexandra announced the selection of the contractor for the Potomac Yard Metrorail Station. The $213.7 million construction contract is the most recent milestone in the effort to bring a new transit station to Alexandra.
The new station will provide jobs, improve neighborhood walkability and expand transit options while reducing traffic congestion. Once complete, the station and surrounding development will create a thriving community, connected by transit, where people can enjoy seamless access to jobs, education, stores, restaurants and entertainment options – both on site and throughout the region.
The station, to be built on Metro's Yellow and Blue lines between the existing Braddock Road and Ronald Reagan Washington National Airport stations, will provide an extensive range of benefits for Alexandria and the surrounding community, including walkable access to regional transportation systems for neighborhoods in the Northeast area of the city. The station is also expected to generate billions of dollars in new private sector investment over the long term and eventually support 26,000 new jobs and 13,000 new residents. Construction of the station is expected to begin in spring 2019, with completion by late 2021 or early 2022.