REVITALIZATION & REDEVELOPMENT
Prince William County (PWC) invites you to join in the significant and ongoing investment, both public and private, occurring in the County’s redevelopment and revitalization areas.
The eastern Prince William Potomac Communities along the I-95 Defense Corridor benefits from nearly 14 miles of waterfront amenity and new development opportunities. Approximately 20 miles from the White House, Pentagon, National Airport and HQ2, the area is located between two key military bases (Quantico and Ft. Belvoir) and is currently benefiting from over $500 million invested for massive road and infrastructure improvements to improve and widen U.S. Rt. 1 the length of its 12-mile stretch in Prince William.
The County is strategically located to capture the natural progression of the DC marketplace as federal and defense workers choose to live further south for affordability and quality of life for their growing families. Driving this surge in quality development and mixed-use placemaking are several key factors:
Incentivizing Business Investment in Redevelopment Areas and Assemblage/ Redevelopment of Underutilized Parcels for Mixed-Use Development
- Small Area Plans (SAPs) – (6) current plans (Dale City, Innovation Park, North Woodbridge, The Landing at Prince William, Route 29, Independent Hill) and (3) future plans (Triangle, Yorkshire, Fairgrounds/New Dominion) provide greater density for vertical mixed-use Transit-Oriented Development (TOD), allowing for a better live/ work/ play integrated environment, and one now sought by the marketplace in the Metropolitan region. This lays the foundation for the County’s new redevelopment initiatives and most of the SAPs are in eastern PWC: https://www.pwcva.gov/department/planning-office/small-area-plans
- Mixed-Use Zoning Districts (MUZD) – This Zoning Text Amendment (ZTA) facilitates mixed-use development and enables an appropriate mix of residential and commercial uses through the establishment of allowable residential and commercial Floor Area Ratios (FAR) and urban design parameters, particularly applicable in SAPs. https://www.pwcva.gov/department/zoning-administration/zta-dpa2016-00020-mixed-use-zoning-districts
- Opportunity Zones (OZ) – Federally enabled and coordinated through Virginia and its local governments. Taxpayers who invest eligible capital into these zones may defer tax on capital gains by making an investment in a Qualified Opportunity Fund. Prince William has six zones (five in the eastern Potomac Communities). https://www.pwcva.gov/department/planning-office/federal-opportunity-zones
- For assistance locating a business in a Prince William OZ, contact James Gahres, Director of Redevelopment: 703-792-5505 firstname.lastname@example.org
- Federal Resources: IRS OZ FAQ Page: https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions
- State Resources: Virginia DHCD: https://www.dhcd.virginia.gov/opportunity-zones-oz
- Opportunity Virginia: https://www.opportunityva.org/
Economic Development Redevelopment Initiative
Created to further catalyze development and business investment in Eastern PWC, the Department of Economic Development (DED) may now consider redevelopment activities and business location or investment in an OZ for targeted industry status. This allows for further local assistance and incentives, accelerated development review, and more aggressive use of federal/ state resources.
Types of assistance may include:
- Market study to identify the gap between market and desired product mix.
- Upgrading an existing product to create a more pleasing aesthetic facade and infrastructure improvements.
- Assembling land to create a critical mass for rezoning opportunities.
- Identifying and convincing developers and investors to be early adopters/first to market, while proposing new tools to assist.
- Obtaining the right product and mix (Class A office/ground floor retail and “workforce housing”) per entitlement/ MUZD rezoning processes.
- Attracting targeted tenants (ex: IT and government contractors) to locate in the Potomac Corridor, as well as anchor retail in an OZ.
- Brownfield Environmental Assessment and Remediation.