Alexandria's newest waterfront development project, the $90 million TransPotomac Canal Center, is on schedule and should open this fall, the developer said.

"It's coming along nicely," said Julien G. Redele, chairman of the Alexandria-based Savage/Fogarty Cos. The complex of four terraced buildings of brick and reflecting glass will open in stages, the first one in August, he said.

About 500 construction workers are on the 10-acre riverfront site just east of North Fairfax Street at First Street in northeast Alexandria, Redele said.

Work was completed late last year on a centerpiece of the project -- the restored riverside tidal lock of the Alexandria Canal, which for 50 years linked the port of Alexandria with Georgetown's C&O Canal. "The canal restoration was a great success," Redele said.

The site will include a three-tiered fountain, a pedestrian promenade along the river and a city-run museum for canal- related archeological relics. The complex, with underground parking for 1,275 cars, is expected to provide 2,000 jobs.

The project, billed by its backers as a symbol of the Washington area's "emerging status as world class commercial center," is financed in large part by the Dutch Institutional Holding Co., the U.S.-based real estate holding division of PGGM, Holland's largest private pension fund.