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Metro plans to address a $750 million budget shortfall for fiscal year 2025 by offering a half-acre site in Virginia for joint development. This move is part of the agency’s strategy to find innovative solutions to financial challenges.The property, located in Alexandria’s Eisenhower Avenue Corridor, is the first of five joint development solicitations expected in 2024. Metro has already begun construction on six residential buildings across the D.C. region since April 2022 and completed 55 joint development projects over the years.
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Joint development projects involve private developments aimed at creating mixed-use communities in partnership with transit facilities. The site offers an attractive opportunity for developers, conveniently located near the Eisenhower Avenue Metro Station and adjacent to the Metro Building at Eisenhower.Metro has released a Request for Proposals (RFP) to redevelop the property, located at 2403-2415 Mill Road in Alexandria, VA. The site has direct access to I-495 and is close to prominent developments like Hoffman Town Center and Carlyle Crossing.
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This initiative demonstrates Metro’s commitment to leveraging its real estate holdings to generate revenue, increase ridership, and stimulate new tax revenues for local partners. With a focus on sustainable development and transit-oriented communities, the joint development initiative aims to contribute to the vitality and growth of the region.
source: The DMV Daily
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