JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, today announced a new commitment to preserve the affordability of at least 500 units of affordable workforce housing in Alexandria, Virginia in conjunction with the development of a new Sports and Entertainment District.
Upon approval of legislation by the Virginia Legislature enabling the arena development, JBG SMITH plans to partner with the City of Alexandria to proactively identify and preserve the affordability of 500 or more affordable workforce housing units within the City of Alexandria, prioritizing the Arlandria-Chirilagua neighborhood. These units, which will range in affordability from 40% of AMI upwards, are in addition to the new housing that is proposed as part of the Sports and Entertainment District at Potomac Yard and will further advance Alexandria’s goal to create 2,250 committed affordable workforce housing units by 2030.
“We have tools at our fingertips that allow us to move quickly to preserve affordability, prevent displacement, and make an immediate difference in the lives of Alexandrians,” said AJ Jackson, Executive Vice President of Social Impact Investing at JBG SMITH. “JBG SMITH’s history and proven track record of working with Alexandria to create committed affordable workforce housing, combined with the transformative catalyst of the new Sports and Entertainment District, provide a tremendous opportunity to strengthen the vibrancy and inclusiveness that make Alexandria exceptional.”
In 2018, JBG SMITH created the Impact Pool to help prevent displacement by securing affordable housing options for everyday workers who earn too much to qualify for housing assistance, but not enough to keep up with rising rents. Through the Impact Pool, JBG SMITH uses its platform and expertise to help non-profit and mission-driven affordable housing organizations acquire and operate privately owned, unsubsidized, naturally occurring affordable housing (NOAH) located in resource rich neighborhoods that are particularly vulnerable to rapidly rising housing costs.
The new commitment is further progress in JBG SMITH’s mission to provide committed affordable housing options in high-opportunity communities, like Alexandria, that are rich in resources and offer convenient access to jobs, retail and amenities. In 2020, JBG SMITH collaborated with the City of Alexandria and Virginia Housing to help Housing Alexandria acquire Parkstone Alexandria, a 326-unit market rate property, and phase-in an affordable workforce housing plan that sets aside 245 [75%] of the apartments for middle income households. Since then, it has helped local non-profits and other mission-driven housing operators to acquire almost 3,000 units of committed affordable workforce housing across the region.
“The availability of affordable housing is an enabler to our economic growth and the mark of an inclusive community,” said Alexandria Mayor Justin Wilson. “We view the proposals for the new Potomac Yard Entertainment District as an economic boon for the City, but also a unique opportunity to expand our supply of both market-rate and committed affordable housing stock. We welcome JBG SMITH’s partnership in furthering Alexandria’s committed affordable housing production and preservation efforts and look forward to additional partnership in the future.”
About JBG SMITH
JBG SMITH owns, operates, invests in, and develops mixed-use properties in high growth and high barrier-to-entry submarkets in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, DC metropolitan area. Approximately two-thirds of JBG SMITH’s holdings are in the National Landing submarket in Northern Virginia, which is anchored by four key demand drivers: Amazon’s new headquarters; Virginia Tech’s under-construction $1 billion Innovation Campus; the submarket’s proximity to the Pentagon; and JBG SMITH’s deployment of next-generation public and private 5G digital infrastructure. JBG SMITH’s dynamic portfolio currently comprises 14.7 million square feet of high-growth office, multifamily, and retail assets at share, 99% of which are Metro-served. It also maintains a development pipeline encompassing 9.8 million square feet of mixed-use, primarily multifamily, development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually.
For more information on JBG SMITH please visit www.jbgsmith.com.
