Alexandria Approves Old Town North Power Plant Redevelopment

Alexandria, VA – Alexandria City Council has unanimously approved the first phase of HRP Group’s redevelopment of the former Potomac River Generating Station site in Old Town North, clearing the way for one of the city’s largest waterfront redevelopment projects to move forward.

The approval includes Development Special Use Permits (DSUPs) for the project’s initial phase and a $135 million Tax Increment Financing (TIF) package to support critical public infrastructure improvements. Construction is expected to begin in 2027.

The City Council vote follows unanimous support from the Alexandria Planning Commission and endorsements from the Alexandria Housing Affordability Advisory Committee, Alexandria Waterfront Commission, Park and Recreation Commission, and Urban Design Advisory Committee.

First Phase Includes Housing, Retail and New Public Spaces

The approved plans cover Blocks B and C of the redevelopment, along with two publicly accessible open spaces: Waterfront Park and Rail Corridor Park.

The first phase will establish the foundation for transforming the 19-acre former coal-fired power plant site into a mixed-use neighborhood featuring:

• Residential apartments and condominiums
• Ground-floor retail space
• Affordable housing units
• Public parks and open space
• Mount Vernon Trail enhancements
• Expanded pedestrian and bicycle connections
• Public transit integration
• Streetscape improvements
• New public infrastructure

Community Engagement Shaped the Project

Over the past year, HRP worked with City commissions, community organizations, and residents to refine plans for the site.

The project team conducted 20 community meetings, hosted public tours attended by more than 600 residents, and coordinated with the National Park Service on planned improvements to the Mount Vernon Trail and George Washington Memorial Parkway corridor.

“Today’s milestone reflects what can be accomplished when a community comes together around a shared vision to transform a legacy industrial site into a vibrant new place,” said Roberto E. Perez, CEO of HRP Group. “We thank the City of Alexandria for their collaboration and support of a public-private partnership that will play a vital role in making this project possible as envisioned and delivering generational community benefits. We can’t wait to break ground on this transformational redevelopment.”

Long-Term Vision for Old Town North

HRP acquired the former power plant site in 2020 and has been advancing redevelopment plans since receiving approval for the Coordinated Development District Concept Design Plan in 2022.

When fully built out, the redevelopment is expected to include:

• Up to 2.5 million square feet of residential and commercial space
• Approximately 160 affordable housing units
• More than 10 acres of publicly accessible open space
• Expanded waterfront access
• New dining, retail, and residential opportunities
• An estimated 3,100 permanent and construction jobs

The project aligns with the Old Town North Small Area Plan adopted by the city in 2017.

$135 Million Financing Package Approved

The approved TIF package will provide $135 million in financing over two phases to fund major infrastructure investments associated with the redevelopment.

Funding will support:

• Deconstruction of the former power plant
• Environmental remediation
• Construction of public roads
• New and enhanced public parks and open space
• Other public infrastructure improvements

The financing will be backed by future tax revenue generated by the project. According to project estimates, the redevelopment is expected to generate approximately $770 million in net new revenue for the City of Alexandria over the life of the TIF program.

Additional information about the redevelopment and financing package is available through the City of Alexandria.