April 28 Alexandria City Council Potomac River Generating Station Presentation

The City of Alexandria, VA City Council held a meeting on April 28, 2026, to introduce and discuss the redevelopment proposal for the Potomac River Generating Station site. The project involves a large-scale mixed-use development on a nearly 19-acre site that was formerly a coal-fired power plant. The redevelopment includes significant environmental remediation, public infrastructure improvements, and the creation of over 2.5 million square feet of commercial and residential space valued at approximately $2 billion. The city is considering a tax increment financing (TIF) mechanism paired with a community development authority (CDA) to fund up to $135 million in public infrastructure costs, with the bonds secured by incremental tax revenues generated by the project rather than existing city funds. The developer, HRP Group, is responsible for upfront costs including remediation and infrastructure, with reimbursement tied to performance milestones. The project is planned in two phases, with phase one targeted for completion by 2030. The redevelopment also includes affordable housing components and over five acres of publicly accessible open space. Council members expressed support for the project, highlighting its potential to catalyze further investment, generate new tax revenues, and improve community amenities. The council will consider formal authorization of the development and financing agreements in June 2026 following further community engagement.