JPMorgan Chase Now Managing Finances for Potomac Yard Development

Published February 12, 2021 at 1:30PM

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.

About the Author

James Cullum

Reporter James Cullum has spent nearly 20 years covering Northern Virginia. He began working with ALXnow in 2020, and has covered every story under the sun for the publication, from investigative stories to features and photo galleries. His work includes coverage of national and international situations, as well as from the White House, Capitol, Pentagon, Supreme Court and State Department. He's covered protests and riots throughout the U.S. (including the Jan. 6 riot at the U.S. Capitol), in addition to earthquake-ridden Haiti, Western Sahara in North Africa and war-torn South Sudan. He has photographed presidents and other world leaders, celebrities and famous musicians, and excels under pressure.