JBG SMITH, J.P. Morgan to Form JV for Potomac Yard Redevelopment

JBG SMITH and J.P. Morgan Global Alternatives have announced the formation of a joint venture partnership to design, develop, manage and own approximately 2 million square feet of new mixed-use development in Potomac Yard, the southern portion of National Landing in Alexandria, VA.

Institutional investors advised by J.P. Morgan Global Alternatives contributed a land site that is entitled for approximately 1.3 million square feet of development it controls at Potomac Yard Landbay F, while JBG SMITH contributed adjacent land with more than 700,000 square feet of development capacity at Potomac Yard, Landbay G. In addition to its 50% ownership stake in the joint venture, JBG SMITH will act as pre-developer, developer, property manager, and leasing agent for all future commercial and residential properties on the site.

The assets included in this joint venture are immediately adjacent to Virginia Tech’s $1 billion Innovation Campus. Plans for the development call for two multifamily buildings totaling approximately 419,000 square feet that have been placed in JBG SMITH’s Near-Term Development Pipeline and could start construction within the next 12 months. The remaining 1.6 million square feet of mixed-use development across Landbays F and G is expected to be developed over time.