ALEXANDRIA, VA. — The American Clean Skies Foundation (ACSF), a Washington D.C. nonprofit, released a $450 million plan today for transforming the waterfront site of the coal-fired Potomac River Generating Station (PRGS) in Alexandria, Va., into an environmentally friendly mixed-use community.
Picture courtesy of http://potomacrivergreen.blogspot.com/
ACSF's Chief Executive Gregory C. Staple initiated the real estate development plan, dubbed “Potomac River Green.” The plan features:
- 89,600 square feet of office space and 114,500 square feet of retail and restaurants
- 467 multi-family and 96 townhouse units
- A 125-room boutique hotel
- A working Energy Museum that will demonstrate 21st century energy technologies
- A compressed natural gas (CNG) and fast-charge electric car refueling station for government, commercial fleet and individual vehicles
- Enhanced access to water taxis and mass transit to facilitate public access to the rebuilt site
- Recreation and open space that will tie Daingerfield Island, a nearby federal park, into the Alexandria waterfront through new recreation space and an eco-trail system
“The Potomac power plant is no longer required to meet the D.C. area's electricity needs, and pollution from the plant has long posed a local health hazard,” Staple said. “But until now, no road map existed for phasing out this 60-year-old power plant and redeveloping the 25-acre site.”
The redevelopment reflects the year-long involvement of a team of architects, urban planners, financial advisers and utility consultants as well as extensive consultations with leading real estate developers, community, business and environmental groups. ACSF’s plan for Potomac River Green was shaped by consultants including the Atlanta-based architectural firm, Cooper Carry, and Virginia-based RKG Associates, an economic and fiscal adviser.
The development is expected to create significant positive economic, tax and environmental impacts including:
- More than $1.53 billion in new direct spending throughout the Washington region between 2015 and 2024
- A net positive fiscal impact of $27 million to the City of Alexandria over ten years based on total projected tax revenue of $72.1 million (by comparison, in 2010, the Potomac River plant site generated approximately $2.5 million in taxes)
- Total municipal public service expenditures for PRG of more than $42.1 million over the 10-year period, of which about two-thirds is attributable to the approximately 590 new housing units
- Non-residential uses are projected to require only $10.9 million in municipal services over a 10-year period
- Taking into account remediation, site development and commercial operation, the project will create more than 2,200 jobs (as compared to roughly 150 jobs at the power plant today)
“Our plan shows that redevelopment is both feasible and affordable,” added Staple. “Potomac River Green will create hundreds of jobs; produce millions in new tax revenues; open up the waterfront to the public; integrate with Alexandria’s existing plans; and provide an example for green development of old power plant sites next door to the nation’s capital.”
Specifically, the plan calls for numerous energy efficient building techniques, including reusing crushed brick from the plant in the concrete for paths, streets and gardens. In addition, the brick and steel framing from the existing power plant would be used in the commercial property. All construction will be LEED certified with maximized use of green space through community gardens.
Retirement of the Alexandria coal plant will also bring to end decades of air pollution from the plant. In 2010, for example, the plant used more than 400,000 tons of coal and emitted more than 1.1 million tons of CO2, as well as 1,145 tons of NOx and 1,400 tons of SO2, which both contribute to ozone pollution. All told, pollution from the plant is estimated to add over $280 million annually to local health care costs.
“Washington, D.C. and Northern Virginia, in particular, are among the strongest real estate markets in the country with vibrant economic renewal in the post-recession era,” said Pete Jervey of Alexandria’s Westpath Real Estate, which advises local developers. “The economy in this area is stronger than in other parts of the country and can support this type of project. All of the features fit well with the community, which is environmentally aware, focused on clean air and looking for practical solutions to eliminate this coal plant, which has long hurt nearby property values.”
— Dan Marcec