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ARLINGTON, VA-More progress is on the horizon for Potomac Yard, the 300-acre site straddling the City of Alexandria and Arlington County, now that the Arlington County Board has given the thumbs up for the first two proposed residential projects for the Arlington segment of the massive, mixed-use development. Ultimately, the local portion of the endeavor will include about 1,000 residential units, 2.8 million sf of office space, a 625-room hotel, 100,000 sf of retail space, and a 25-acre park. Local real estate development and land management company Crescent Resources LLC owns the entire Potomac Yard property and is spearheading the development project.

One of the two residential properties will be the Dakota on Center Park, which will feature about 480 luxury condominium units in a high-rise structure. Comstock Potomac Yard LC, the developer of the Dakota, will spend $150 million to open its doors in 2006. The building will feature an unspecified amount of ground-level retail space for shops and a grocery store. The second proposed residential building is Camden Potomac Yard, a 386-unit structure tower that will feature just over 4,000 sf of ground-level retail space. To be developed by Camden USA Inc., it will cost $85 million to realize. The 12-story high-rise will also be ready for occupancy in 2006.

Both developers are making a contribution to the county’s affordable housing fund, resulting in a donation of a total of $1 million. “With their mixed-use development, comprehensive transit plans and environmentally-sensitive design, these two projects align well with Arlington’s smart growth principles,” Arlington County Board chairman Paul Ferguson notes. “The $1 million contributed to Arlington’s affordable housing fund helps address a top policy goal to provide more affordable housing.” As for the remaining facets of the Potomac Yard development, construction on a 650,000-sf office complex has already gotten under way.

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