Post Content

GMU study says new Potomac Yard arena development could bolster workforce housing supply

Map of Monumental Arena development (image courtesy of JBG SMITH)

The Center for Regional Analysis (CRA) at George Mason University released a study over the weekend that said the Potomac Yard arena development could be a boon for local workforce housing.

The study notes that the arena development is slated to include 5,400 residential units across three development phases.

The study said the proposed housing will help the city and the region meet regional housing goals by increasing the number of units and “placing downward pressure on local and regional housing costs.”

This year marked the first time multi-family residential property assessments have declined since 2010. While that may not bode well for the commercial property market or the city’s annual budget, Director of Finance Kendal Taylor noted that it does help push down rents.

Last year, regional housing experts said Alexandria would need to build significant amounts of housing for the supply to even out with the demand.

More specifically, though, the study said consultants hired for the project estimated the average rental rates to be around $3.70 per square foot and that most units will be relatively small one or two-bedroom units.

The study estimated monthly rents of:

  • Studio apartments: $1,591
  • One-bedroom apartments: $2,220
  • Two-bedroom: $2,775
  • Three-bedroom: $3,700

According to the study:

Through design and construction characteristics, the average rental cost will be held to levels that will be workforce affordable, including for many of the jobs to be held by people working in the proposed entertainment district… At that rate, we can estimate the implied household income needed to comfortably afford to live in the new development.

Comparing potential rent levels and occupational wages suggests that a majority of PYED units will accommodate working family households who hold jobs in Alexandria earning 80% to 90% of area median income, on average.

As for any analysis of housing costs in Northern Virginia, someone who does not live here could be shocked at the level of housing prices. However, Alexandria is a high wage area.

The study noted that plans for the nearby Virginia Tech campus do not include housing for graduate students, postgraduate researchers, young faculty members, staff, or visiting researchers and scholars.

“While hardly qualifying as traditional dormitories, the studio units may well serve student housing, and the largest 3-bedroom units could become shared student living space,” the study said. “Just as importantly, young faculty who will teach at the new Virginia Tech campus will potentially look to these rental units as highly attractive in the early stages of their career due to job proximity and the presence of hospitality and entertainment options.”

Plans for the Potomac Yard arena are precarious, with the neighborhood’s future at stake in state government discussions this week. The transportation plan for the project had also come under fire, with even supporters of the plan saying the in-jeopardy Metro funding is a basic prerequisite for the arena.

“The majority of units will be affordable for public safety workers, teachers, mechanics, health services technicians, supervisors for maintenance workers, other mid-level professions, and many employees of the sports and entertainment venues—without the financial stress that has become too common for households in this region,” said Terry Clower, director of the CRA.

Recent Stories

You might want to get your prescriptions transferred, because CVS store and pharmacy at 3120 Duke Street in the city’s Taylor Run neighborhood is closing. A note posted by management…

Happy Monday morning, Alexandria!  Today’s weather: Expect scattered showers and thunderstorms, partly sunny skies, and a high around 83. There’s a 43% chance of precipitation. Monday night will see scattered showers…

It’s going to be windy today in and around Alexandria. The National Weather Service says that conditions will be clear, with wind gusts this afternoon up to 50 miles per…

(Updated at 8 p.m.) More than 2,200 West End residents are without power after a transformer fire in the area of Seminary Road and N. Beauregard Street, according to Dominion Energy….

There’s a reason Well-Paid Maids has hundreds of positive reviews from happy clients in the D.C. area.

The home cleaning company pays cleaners — who are W-2 employees — a living wage starting at $24 an hour. Plus, cleaners are offered benefits, including insurance, 24 paid days off a year, 100% employer-paid commuting costs and more.

Lexi Grant, an operations manager at Well-Paid Maids, said it best: “People deserve their work to be respected and recognized. When that happens, you love what you do, and you create the best results.”

Read More

Submit your own Community Post here.

Are you feeling overwhelmed by life’s challenges? Do stress and anxiety seem to dominate your thoughts? At Peaceful Mind Solutions, we understand that navigating mental health can be daunting, but you don’t have to do it alone.

Our team of compassionate therapists is here to guide you on your journey toward inner peace and emotional well-being. With a client-centered approach, we tailor our therapy sessions to meet your unique needs and goals. Whether you’re struggling with depression, coping with trauma, or simply seeking personal growth, we provide a safe and supportive space for healing and growth.

Embark on a path of self-discovery with our comprehensive range of therapy services, including cognitive-behavioral therapy, mindfulness practices, and holistic approaches. Our experienced therapists are dedicated to helping you cultivate resilience, develop coping skills, and foster a greater sense of self-awareness.

Read More

Submit your own Community Post here.

Del Ray Kitchen Confidential Design Tour

Please join us for Del Ray Kitchen Confidential – a walking tour of recently renovated kitchens in Del Ray with the experts who make the magic happen! FA Design Build owner Rob Menefee and Design Consultant Melissa Fielding walk us

Celtic Corridor in Concert at the Lyceum

Billy McComiskey, on button accordion, National Endowment for the Arts Heritage Award winner, All-Ireland Award winner, who has played with the Irish groups The Irish Tradition, Trian, and Green Fields of America. Billy’s playing is highly regarded as are his

×

Subscribe to our mailing list