Virginia Governor Terry McAuliffe has approved a $50 million loan to help build a new Metro station in Alexandria’s Potomac Yard area.
The planned station will sit on the Blue and Yellow lines between the existing Braddock Road and Reagan National Airport stations.
The loan comes from the Virginia Transportation Infrastructure Bank to help with up-front construction costs. The total cost of the Potomac Yard project will range between $209 and $268 million, according to a release from the governor’s office.
Remaining funding will come from private developers, the Northern Virginia Transportation Authority and federal funds.
“This loan is an important step towards a major economic development project for Virginia, and a sign of continued progress as we seek to build a new Virginia economy,” the governor said in a statement. Planned development around the station is expected to support close to 26,000 new jobs and 13,000 new residents, the governor’s office said.
The City of Alexandria is conducting an environmental impact study, with a public review planned for March. The Alexandria City Council will choose a location in April.
Planners hope to complete construction by late 2018.