Provided by Prince William County Economic Development
North Woodbridge TC, LLC (NWTC) will pursue development of a brand-new, mixed-use development project located at the intersection of U.S. Route 1 and Route 123 in North Woodbridge. The project is located directly across from the North Woodbridge VRE Station. The Prince William Board of County Supervisors recently made the announcement.
The development is expected to generate a total capital investment of nearly $380 million. When completed, it will bring new economic activity and provide much-needed housing for the community. There will also be a lively, friendly downtown space by promoting density and walkability.
“This project is a catalyst for transit-oriented development … [It] represents the first step in realizing the goals of the recently adopted North Woodbridge Small Area Plan,” said Woodbridge District Supervisor Margaret Franklin. “As the northern-most gateway into Prince William County off the I-95 / Route 1 corridor, the site will serve as an important link between the historic Town of Occoquan and the Belmont Bay waterfront community.”
The 19.3-acre proposed site will serve to launch the new town center envisioned in the North Woodbridge Small Area Plan. The site includes the vacant Cowles Ford auto dealership property in combination with the existing Station Plaza shopping center.
Local Leaders Weigh In
“This key redevelopment project lays the foundation for long-term economic resiliency and will be a catalyst for the emergence of North Woodbridge into a vibrant mixed-use neighborhood,” said Christina Winn, executive director of the Prince William County Department of Economic Development. “This investment in the new town center will drive further economic growth, attract new businesses, and create new jobs throughout the area. We’re already seeing the momentum as more businesses and investors are interested in North Woodbridge and eastern Prince William County because they recognize the area as the next new emerging market due to its strategic location, transportation network, and expansive water views.”
The project is the first of its kind to receive a grant from the county’s Economic Development Opportunity Fund (EDOF). The county recently amended its targeted industry list to help identify and foster redevelopment areas. This allows companies or projects locating in an Opportunity Zone or Designated Redevelopment Area to qualify for EDOF incentives.
“It’s no coincidence the launch of the county’s new redevelopment efforts comes immediately after adoption of our new Small Area Plan,” said Ann Wheeler, Chair, Prince William Board of County Supervisors. “It’s exciting to see the opportunities to revitalize North Woodbridge come to life and we are thrilled about the partnership with the developer team at NWTC.”
To close the project financing gap due to the challenges in financing non-income producing land, the Board of County Supervisors approved a $750,000 EDOF Grant. The EDOF is a pay-for- performance grant which requires NWTC to achieve specific milestones in order to receive the incentive.
Principals of Boosalis Properties and IDI Group Companies teamed up to form North Woodbridge TC, LLC, in order to assemble the combined 19.3-acre site for redevelopment.
About the Prince William County Department of Economic Development
The Prince William County Department of Economic Development offers services to support and promote existing business expansion and attract new businesses to PWC. The Department of Economic Development can be reached via email at firstname.lastname@example.org, via phone at (703) 792-5500, or via fax at (703) 792-5502. Learn more about the Department at pwcded.org.