The City of Alexandria said the new Potomac Yards Metro station will cost about 20 percent more than the initial budget, due to increased prices on steel, concrete and labor.

The station is now expected to cost $320 million and includes about $30 million from the city, though it said the project can be paid for without new taxes or money from the general fund. The Alexandria City Council is expected to offer updates on the project at its next meeting on April 10.

The new Potomac Yard Metro station would be built on the Yellow and Blue lines between Braddock Road and Reagan National.

The new project budget is higher than original estimates but lower than bids received from contractors last year. The city and Metro asked vendors to submit design changes and other cost-saving measures to bring the cost down.

Alexandria said there will be an estimated $1.1 billion in revenue from the Potomac Yards development over the next 30 years, a portion of which can go to fund the Metro station.

The City and Metro are expected to award the contract this year, allowing for construction to begin. The station is scheduled to open in late 2021 or early 2022. City officials said they hope the station will be a big driver of private investment, supporting 13,000 new residents and 26,000 jobs.

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