From projects big and small, the IDA of PWC has been a pivotal player in the region’s economy. Join us to make your economic impact here.
INNOVATION PARK, Prince William County
Brentsville magisterial district
Innovation Technology Park is a 1,500-acre corporate research park in Prince William County, anchored by George Mason University’s Science and Technology Campus and the Prince William Science Accelerator. Industrial Revenue Bonds played a significant role in financing companies locating to the Park early in its development. ATCC and Mediatech, for example, chose industrial revenue bonds to provide financing for the construction and equipping of their facilities when locating to Prince William County.
In addition, the IDA, in its role as a conduit for Prince William County Economic Development Opportunity Fund grants, supports the County’s efforts to attract targeted industries to Innovation Park. Innovation Park companies receiving such incentive grants include Medliminal and Berkleynet, as well as a substantial number of biotechnology companies located within the Prince William Science Accelerator.
The LANDING AT MASON’S BRIDGE APARTMENTS
Woodbridge Magisterial District
Now Leasing - grand Opening Spring 2024
The IDA issued Industrial Revenue Bonds to assist The Lawson Companies in financing the acquisition, construction, and equipping of an affordable multifamily residential rental housing project known as The Landing at Mason's Bridge. The project consists of eight modern, four-story buildings containing approximately 342 residential units, representing approximately 338,000 net rentable square feet, located on approximately 21.4 acres of land on Mason’s Bridge Way. With the project in the final phases of construction, apartment units began renting in February 2024. Residents of the affordable one, two, and three-bedroom apartments enjoy high-end community amenities and interior features comparable to Class A luxury apartment communities. These include: Resort-Style Swimming Pool, State-of-the-Art Fitness Center, Community Clubhouse, Enclosed Dog Park, Grilling Area with Fire Pit, Urban Streetscape, Playground, and In-Unit Laundry. Income restrictions apply. ADA units available for qualified applicants with disabilities.
Park Landing Coming to Prince William County
Occoquan Magisterial District
Opening Late 2024
In February 2023, KCG Development announced the groundbreaking of Park Landing – a new affordable rental community benefitting Prince William County seniors. The IDA issued Industrial Revenue Bonds for the project under construction at 3301 Noble Pond Way, Woodbridge, Virginia. Park Landing will offer 250 well appointed apartment homes for active adults over age 55 including 151 two-bedroom and 99 one-bedroom apartments. Units will include granite countertops, stainless-steel appliances, and high efficiency in-unit washers and dryers. Additionally, residents will have access to a suite of high-quality, complimentary amenities, including a recreational courtyard, outdoor pool, sensory garden, fitness facilities, wellness room, art studio, gaming room, and a large community room for social activities.
Units will be reserved for households with incomes not to exceed 60 percent of the Area Median Income. Under the 2022 Area Median Income, this translates to a maximum annual income of $59,820 for a one-person household, $68,340 for a two person household, and $76,860 for a three-person household.
Responding to a critical need for additional housing of this type, Park Landing will increase Prince William County’s supply of affordable senior housing by nearly 40%.
harbor at quantico creek coming in 2025
Potomac Magisterial District
Opening 2025
The IDA will issue Industrial Revenue Bonds for this project consisting of a 5-story building of approximately 151,000 sq. ft., on 7 acres in Dumfries, Virginia in Prince William County’s Potomac Magisterial District. This project is an age-restricted new apartment complex offering below market rate rents for adults 62+. The 125-unit project will include 81 one-bedroom (640sq ft) and 44 two-bedroom (950 sq ft) senior apartments. It is being developed in partnership with Pillar Church. Rents are capped at 60% AMI.
GMU Science and technology campus
brentsville magisterial district
multiple buildings
George Mason University (GMU) has various ways to finance construction of new buildings, such as conventional bank financing and borrowing through state programs. In collaboration with the IDA, GMU used a novel and unique financing arrangement in 2011 to fund the construction of two new facilities at its Prince William Campus – a life sciences laboratory with an estimated cost of $38 million and a 152-bed graduate student housing building with an estimated cost of $17 million. This financing method provided GMU with greater flexibility in the creation and development of these projects.
Saint JOHN PAUL the great HIGH SCHOOL
potomac magisterial district
IDA bonds were an integral part of the financing package for this $60 million project that included bonds, a capital campaign and land contributions.
At a time when very few Catholic secondary schools were being built nationwide, the Dumfries project was a welcomed addition to the regional community. It contains a multitude of state-of-the-art features including a glass-walled cafeteria with "bistro-style seating" overlooking the woods, 11 life-sized statues of saints, three athletic fields and a 500-seat auditorium. The Diocese of Arlington is an exception to the national norm, with its school enrollment increasing 15 percent over the past decade to 18,300 students, due in part to population growth in the region.
Elevations One (rebrand from Glen Arbor Apts)
woodbridge magisterial district
The IDA issued Industrial Revenue Bonds, allocated by the Virginia Department of Housing and Community Development, to assist developer Bonaventure in purchasing and renovating the Glen Arbor Apartments property. The apartments were completely renovated, including the installation of washer and dryers within units, new flooring, new cabinets, and energy efficient appliances, as well as all new roofing. The pool deck was completely renovated, and secure entrances installed. A new Clubhouse was constructed. The development was converted to income-restricted apartments and rebranded as Elevations One.
uva health Prince William Medical Center
uva health haymarket medical center
The IDA issued revenue bonds on several occasions over the lifetime of what is now UVA Health Prince William Medical Center, including in 1993 and 2013. A portion of the 2013 issue went toward the construction of what is now UVA Health Haymarket Medical Center. This bond series was paid off in 2021 after UVA Health acquired the two hospitals. UVA Health Prince William Medical Center is a 130-bed acute care community hospital offering a wide range of services in emergency, heart and vascular, orthopedics and spine, imaging, women’s and children’s health, cancer, fitness and wellness, rehabilitation, behavioral health, comprehensive outpatient care and assisted living. Haymarket Medical Center is a community hospital with 60 all-private patient rooms, 24/7 Emergency Room with 20 private treatment rooms, a Critical Care Unit, a Medical/Surgical Unit, Women’s Health & Maternity Care, Well Baby Nursery, Four Operating Suites, Expanding Imaging Facilities and a Café.
Sentara northern virginia medical center
The IDA has issued bonds on behalf of Potomac Hospital several times, including in 1977, 2003, and 2012. Potomac Hospital, an independent, non-profit community hospital, merged with Sentara Healthcare in December 2009 and is now known as Sentara Northern Virginia Medical Center (since 2012). The medical center has experienced tremendous growth since the opening of the hospital in 1972. Sentara Northern Virginia Medical Center is a 183-bed hospital located in Woodbridge, Virginia. It provides an integrated health system, medically advanced technology and quality care to the regional community. Using IDA bonds, Sentara added a $2.3 million, 15,000 square foot, one-story hospital building addition that houses space for exam rooms and includes, a basement corridor that is adjacent to the existing building. Additionally, the facility has used IDA bonds to construct Sentara Lake Ridge, a state-of-the-art outpatient campus that offers easy access to 24-hour emergency care, doctors' offices and quality diagnostic testing including advanced imaging, digital mammograms and lab services.