ALEXANDRIA, VA – The City of Alexandria, in its commitment to Torpedo Factory Art Center’s long-term viability, has been developing implementation scenarios for the art center’s Action Plan for Vibrancy and Sustainability (Action Plan).
Residents are encouraged to learn more about the scenarios at public meetings on Thursday, December 9 at 7 p.m. or Friday, December 10 at noon. Registration is required. Each meeting will last approximately 1 hour. The public may also attend the Waterfront Commission, December 6 at 7:30 a.m. or the Alexandria Commission for the Arts, December 7 at 7 p.m.
At each of the meetings, information will be presented about three implementation frameworks for developing potential financial scenarios.
- Incremental Revitalization: This scenario assumes that mostly modest improvements would be made in the near term, including reinvesting in the building to perform substantial deferred maintenance.
- Custom Program: The City would manage and fund capital improvements in a mixed-use space to enable subsidized art uses and market rate revenue generating use options that will help pay for a portion of the rehabilitation.
- Ground Lease: A private entity would develop, operate, maintain, and lease the facility for mixed use in a 40-year term lease.
These Action Plan implementation scenarios will be presented to Alexandria City Council at their December 14 legislative meeting as examples for future consideration. There are currently no plans being presented; only concepts are being proposed. Based on guidance provided by the City Council, staff will further develop a scenario in more detail. Plan development will begin at a later point once a scenario is chosen.