New developments are popping up all across Alexandria, from bistros to waterfront parks, our city is perpetually evolving. With so much change in our communities, it’s important to measure how these individual projects are affecting the City of Alexandria as a whole. Through high-end, amenity-rich developments, Alexandria continues to attract a fresh wave of workers and consumers for both existing businesses and newly emerging establishments.
The Economic Development Scorecard ranks the impact of new real estate projects coming to life throughout Alexandria. Based on each individual project, the impact of new developments and amenities is assessed by the net change in real estate value and the business-related taxes generated by the project. These factors come together to determine whether a particular project has a negative, low, medium, or high impact on Alexandria’s economic sustainability.
New development initiatives change Alexandria’s landscape in a wide variety of ways. Job creation, street activation of retail locations, new taxable real estate, and direct tax revenue estimates all contribute to the economic impact of these exciting new projects. As Alexandria continues to grow, apartments, retail locations, and parking availability are being introduced congruently.
Development projects are more than measurable, they’re meaningful. These projects bring increased tourism, employment, and revenue into Alexandria. As our city continues to grow, so does our sustained effort to positively impact the community. Keep an eye out for Economic Development Scorecards moving forward as part of an ongoing initiative to engage and inform the City of Alexandria.