JPMorgan Chase Now Managing Finances for Potomac Yard Development

New York-based multinational investment firm JPMorgan Chase & Co. has taken over financial management of the massive Potomac Yard redevelopment from Texas-based Lionstone Investments.

But even though the Washington Business Journal broke the story on Feb. 11, sources familiar with the 20-acre project say that the transition was made more than a year ago and will have no impact on development, which includes Virginia Tech’s $1 billion Innovation Campus that is slated for completion in 2024.

“Not sure why the article is coming out now as the change happened over a year ago and has had no impact on the project,” Cathy Puskar, an attorney with property developer JBG Smith, told ALXnow. “…(E)verything proceeded on time and according to plan.”

JBG Smith and JPMorgan Chase broke ground on the Virginia Tech development last month with the demolition of the Regal Potomac Yard movie theater.

Representatives from Lionstone and JPMorgan Chase could not be reached for comment.

Recent Stories

A GoFundMe campaign has been launched to revitalize a memorial garden dedicated to peace and reflection after the 9/11 attacks. So far, more than $4,000 (out of a $9,000 goal)…

Since Birchmere reopened last July, the venue (3701 Mt Vernon Avenue) has had a few hit shows like KT Tunstall and The Steeldrivers later this week (tickets are sold out,…

A former receptionist at Landmark Honda posted bail after being arrested earlier this month for stealing and using a customer’s credit card. The incident occurred in January, and the suspect…

In its first regular show since shutting down last year, the Little Theatre of Alexandria is back to suspending disbelief with its latest farce, Neil Simon’s Rumors. “Laugh hard,” director…

×

Subscribe to our mailing list