Monumental Sports CEO Ted Leonsis, along with Gov. Glenn Youngkin (R-VA) and other Virginia leaders, announced plans for a new sports arena in the Potomac Yard neighborhood of Alexandria, Virginia, for the NBA's Washington Wizards and the NHL's Washington Capitals.
The $2 billion plan calls for a new arena, a 6,000-seat performing arts center, a practice facility for the Wizards, restaurants, hotels, and housing. The arena and entertainment district proposal was announced Wednesday at a press conference near the Potomac Yard Metro Station.
SHADOW OF DOUBT: HOW 2020 ELECTION CHALLENGES IN ARIZONA AND GEORGIA ENDED
"I have to say, after many years, many years of dreaming, and many years of discussion, I am pleased to announce that right here in Alexandria, Potomac Yard, we have a plan to unleash a brighter, more extraordinary future," Youngkin said at the press conference. "And as part of this amazing project, we will build a spectacular $2 billion sports and entertainment district.
"This visionary sports and entertainment development district will bring together entertainment, sports, and technology like nowhere in the world," he added. "This once-in-a-generation historic development will be the best place to live, work, raise a family, and watch hockey and basketball. It also represents an extraordinary economic opportunity over the life of this project, 30,000 new jobs and an estimated $12 billion of economic activity to be generated in the commonwealth and in the city of Alexandria, and this was only made possible through extraordinary teamwork."
Youngkin also said the public-private partnership project would be good for taxpayers in the commonwealth, saying that there would be "no upfront investment."
"I pledged that any project like this would first and foremost be good for the Virginia taxpayer, and that's exactly what this project represents," Youngkin said. "No upfront investment, harnessing the financial horsepower of the future incremental taxes and other revenues with an estimated $12 billion of economic contribution to Virginia and the city of Alexandria over the coming decades."
Leonsis said the new arena project in northern Virginia is based on Monumental Sports's commitment to the greater D.C.-Maryland-Virginia area, as well as unifying the community.
"What we are about is putting unity in a community and really helping this region bring up to its total promise," Leonsis said.
The project will still need the approval of the Virginia legislature, but if approved, it would break ground in 2025 and open in 2028. The plan is a blow to D.C.'s downtown area, specifically Chinatown, where Capital One Arena, the neighborhood the Wizards and Capitals play, is located.
After reports circulated on Tuesday about the Potomac Yard arena proposal, Washington, D.C., Mayor Muriel Bowser announced legislation to provide Capital One Arena $500 million in funds for renovations, which Monumental Sports had reportedly been seeking.
Bowser said in a statement on Tuesday that the Hail Mary legislation was the district's "best and final offer" to keep the teams in the city.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
“Downtown DC is the District’s economic engine that provides revenue resources to support important programs in the city. Mr. Leonsis and Monumental Sports have been critical partners in keeping our downtown thriving, especially after the pandemic. The modernization of the Capital One Arena will be an invaluable investment for continued success and our future prosperity,” Bowser said.
“This proposal represents our best and final offer and is the next step in partnering with Monumental Sports to breathe new life and vibrancy into the neighborhood and to keep the Washington Wizards and the Washington Capitals where they belong — in Washington, DC,” she added.