(Updated 9:50 a.m.) It’s official! The Caps and Wizards will be moving to Potomac Yard.
ALEXANDRIA, VA-Today, the City of Alexandria, the Commonwealth of Virginia, Monumental Sports & Entertainment, and JBG SMITH announced a framework of an agreement for a public-private partnership to create a world-class Entertainment District in Alexandria at Potomac Yard.
Pending completion of agreements and General Assembly and City Council approval, the new Entertainment District will feature an industry-leading arena for both the Washington Capitals and Washington Wizards, the global business headquarters for Monumental Sports & Entertainment, an expanded esports facility, and a performing arts venue — in addition to new retail, restaurants, and conference and community gathering spaces.
“Alexandria’s ability to attract this ambitious project is a direct result of the success of previous investments made in Potomac Yard and across our city,” said Alexandria Mayor Justin Wilson. “Our City Manager Jim Parajon led a talented team, working hand-in-hand with the Alexandria Economic Development Partnership, to bring us this opportunity. A project this special will help the City realize our collective strategy and the vibrant vision for this neighborhood and for our city as a whole.”
The $2 billion dollar transformational investment in this Entertainment District will catalyze economic growth and community building in Alexandria, generating 30,000 jobs and a total economic impact of $12 billion over the next several decades. This includes millions of dollars over the project term to create affordable housing, offer rental and homeownership assistance, and to invest in transportation improvements and education.
“This exciting new project is the result of decades of thoughtful long-term strategic planning and a clear vision for growth across Alexandria,” said Alexandria Economic Development Partnership President and CEO Stephanie Landrum. “From the Virginia Tech Innovation Campus to the new Potomac Yard-VT Metro Station, Alexandria has created the ideal environment and location for this exciting project. We look forward to continuing our work with the community this arena will serve as well as any other potential future tenants as we move to the next stages of planning and development.”
Twenty years ago, the Alexandria community adopted a vision to invigorate Potomac Yard in a way that would enhance the community’s quality of life, create an environment for businesses large and small to grow, highlight the city as a top destination for regional community members and tourism, and showcase the rich diversity of Northern Virginia and the DMV. The Entertainment District is an ideal next step in realizing this vision and connecting Virginia, D.C., and Maryland as a year-round regional destination.
The project will be adjacent to the Virginia Tech Innovation Campus in the Alexandria portion of National Landing, enhancing the broader community and further establishing Northern Virginia as a global leader in innovation.
“We’re excited by Monumental Sports & Entertainment’s plans to be our neighbor in Potomac Yard,” said Virginia Tech President, Tim Sands. “We believe in the great potential of this location, and are eager to welcome others who are passionate about this community and building an exciting and vibrant future together.”
This Entertainment District is an ideal fit for the vision for Potomac Yard and represents the next step in Monumental Sports & Entertainment’s business evolution. The project will expand Monumental’s presence in Northern Virginia, where the company already has its Capitals practice facility, and support more than 650 jobs, 221 events a year, and 180 global partners and sponsors, allowing the company to continue to innovate across business, media, sports and entertainment, and collaborate with the vibrant and innovative community in new and exciting ways.
“The proposed Monumental Campus represents a transformative step forward for our fans, our company, and the entire DMV region,” said Monumental Sports & Entertainment CEO Ted Leonsis. “I have always believed there is a higher calling in sports — to unify our community, build a lasting legacy over multiple generations, and lift all our neighbors towards a shared sense of prosperity. Today, we deepen that commitment as we enter a phase of rapid expansion in service to our fans, employees, and partners.”
The $2 billion transformational investment will be supported through bonds issued by the proposed Virginia Sports and Entertainment Authority, as well as contributions from MSE. The bonds will be repaid through annual rent paid by MSE, incremental taxes generated by the facility, parking fees, and district naming rights. Monumental and the City of Alexandria will also contribute $56 million each toward the construction of the performing arts venue. No existing taxes will be utilized to support the project, and there are no proposed tax increases for local residents.
This agreement framework is the first step in a process to bring to life this world-class Entertainment District. The City will begin an extensive community engagement process, including a series of community meetings and workshops, which will kick off in early 2024. Additional project information will be shared over the coming weeks, and interested residents can visit MonumentalALX.com to sign up to receive updates.
To learn more about the project, please visit MonumentalALX.com. [SEE ALSO: Save a Life During the Holidays: Donate Blood Dec. 18 at Fire Works Pizza in Arlington]