County Board members on Jan. 25 approved a memorandum of understanding with the coalition of property owners in the corridor, which will guide planning efforts and allocate $1.5 million – about two-thirds of it from the county government, the rest from landowners – to complete it.
County Board Chairman Libby Garvey said the aim was a coordinated strategy for redevelopment of the target area, which totals about 85 acres.
“It’s important that, as those proposals come in, they be reviewed in a holistic way – how they fit together as a whole, not just separately,” Garvey said.
“This is something the community has been asking us for for a long time,” Garvey said after board members voted to approve the arrangement.
Private-sector partners in the effort include some of the heavy hitters of Arlington commercial property, including Federal Realty Investment Trust, JBG Smith, Brookfield, Simon and Dweck. Private firms, collectively, will kick in $475,000 to support consultants to support the development plan.
The county government will provide staff resources, as well as $550,000 to support consultants looking at the transportation consequences of development in Pentagon City, where several million square feet of development either has been formally proposed or is expected to be in the pipeline.