Alexandria receives state loan to build new Metrorail Station

Alexandria will receive a $50 million loan to build a new Metrorail station in the Potomac Yard area.

The Commonwealth Transportation Board (CTB) approved the loan from the Virginia Transportation Infrastructure Bank (VTIB), Gov. Terry McAuliffe announced Wednesday.

The Potomac Yard Metrorail Station will be built on Metro's Yellow and Blue lines, in between the Braddock Road and Ronald Reagan Washington National Airport stations. The station is expected to generate private sector investment that would support up to 26,000 jobs and 13,000 new residents in the area surrounding the station.

The station is part of Alexandria's strategy to focus development on areas served by public transit.

The cost of the project is expected to be between $209 million and $268 million. The loan from the VTIB provides up-front construction funds at lower interest rates than municipal bonds and will be repaid with revenues from development at Potomac Yard and two special tax districts surrounding the station. The remaining costs will be paid by private developers, the Northern Virginia Transportation Authority and federal funding.

Alexandria is currently completing an environmental impact for federal funds. The city is expected to chose a final location for the station in April, and the station is expected to open in late 2018.