Metro offers half-acre site in Alexandria for ‘joint development’ amid $750M budget deficit
WASHINGTON - Metro said it is offering a half-acre site in Virginia for ‘joint development’ as the transit agency searches for ways to overcome a $750 million budget shortfall for fiscal year 2025.
The property is in Alexandria's Eisenhower Avenue Corridor and is the first of five ‘joint development’ solicitations expected in 2024, Metro said.
Here’s how Metro describes the opportunity:
"Metro is offering a prime property for development, located in the vibrant Eisenhower Avenue Corridor with a dynamic mix of residential, retail, and business development. The approximately half-acre site is a short walk from the Eisenhower Avenue Metro Station on the Yellow Line, and next to the Metro Building at Eisenhower.
As part of the solicitation process, Metro has released a Request for Proposals (RFP), to redevelop the property. The Eisenhower East site at 2403-2415 Mill Road in the City of Alexandria, VA provides direct access to I-495, and is proximate to Hoffman Town Center, a 17-acre mixed-use community planned for up to 6.9 million square feet of development and Carlyle Crossing, a 1.7 million square feet mixed-use development which features a recently opened 81,000 square feet Wegmans.
The RFP is the first of five joint development solicitations expected to be released this year, as Metro leverages its real estate holdings to generate revenue, build ridership, and create new tax revenues for local and regional partners."
READ MORE: Metro fare hikes expected as WMATA faces $750M budget shortfall
Metro offers half-acre site in Alexandria for ‘joint development’ amid $750M budget deficit (WMATA)
Since April 2022, Metro and its ‘joint development' partners have broken ground on six residential buildings in the D.C. region, they say. Since 1975, Metro has completed 55 joint development projects.
According to Metro, ‘joint development’ projects are private developments that create "vibrant, mixed-use communities on transit-owned property that require coordination with transit facilities."
More information can be found online.