One of the Largest Housing Preservation Pledges in Region’s History Announced in Response to Alexandria Residents, Local and State Elected Officials
JBG SMITH (NYSE: JBGS) is doubling its commitment to preserve the affordability of workforce housing in Alexandria, Virginia, raising the total number of housing units pledged from 500 to 1000, as part of the Potomac Yard arena and entertainment district proposal.
As one of the most significant housing preservation commitments in the region, the additional units are being added in response to discussions with Alexandria city officials, Virginia State Legislators, the Virginia Department of Housing and Community Development, and Alexandria residents, and are in addition to the new housing that is proposed as part of the proposed development at Potomac Yard.
“Our extensive conversations with members of the Alexandria community, leaders such as Mayor Wilson, the council and legislators from the Commonwealth further reinforced the centrality and necessity of housing preservation efforts in Alexandria,” said AJ Jackson, Executive Vice President of Social Impact Investing at JBG SMITH. “As a result, we are doubling the number of units we are preserving to maintain affordability and prevent displacement in advance of the arena’s opening so that as many Alexandrians as possible are able to take advantage of this incredible economic development opportunity.”
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 1,000 workforce housing units within the City of Alexandria, with a particular focus on the neighborhoods adjacent to the proposed arena development. These efforts make significant progress in advancing Alexandria’s goal of creating 2,250 committed affordable workforce housing units by 2030.
“Housing that is affordable and accessible is not just a piece of the puzzle, it’s integral to a holistic approach that drives equitable solutions to employment, transportation, and economic inclusion,” said Matt Kelly, Chief Executive Officer at JBG SMITH. “At JBG SMITH we are dedicated to deliberately crafting projects that encompass all of these elements to truly uplift communities.”
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.
This 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 its inception, the Impact Pool 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.
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, most notably National Landing. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, DC metropolitan area. Approximately 75.0% 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 5G digital infrastructure. JBG SMITH’s dynamic portfolio currently comprises 14.2 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 8.8 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.
