Gov. Glenn Youngkin (R-VA) and Monumental Sports are announcing a $2 billion sports arena and entertainment district set to be built in the Potomac Yard neighborhood of Alexandria, Virginia.

The press conference is set to begin at 9 a.m. EST. The plan would bring the NHL's Washington Capitals and the NBA's Washington Wizards out of their current arena in Chinatown in Washington, D.C., to the proposed new facility across the Potomac River.

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“This is the most visionary sports and entertainment development in the world, bringing together entertainment, sports, and technology in the most advanced innovation corridor in the United States: a once-in-a-generation and historic development for the Commonwealth, sports fans, and all Virginians. The Commonwealth will now be home to two professional sports teams, a new corporate headquarters, and over 30,000 new jobs — this is monumental,” Youngkin said in a statement.

The proposal would require the approval of the state legislature. If approved, the arena would break ground in 2025 and open in 2028.