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RICHMOND, VA – Governor Glenn Youngkin today announced a $2 billion public-private partnership to create a world-class Entertainment District in the City of Alexandria at Potomac Yard. This new 9 million square foot district developed by JBG SMITH will feature the world headquarters for Monumental Sports & Entertainment (MSE), a business-leading Arena for the Washington Capitals and Washington Wizards, a modern conditions. Monumental Sports Network media studio, the Wizards practice facility, an entertainment center, and the expansion of sports facilities, in addition to bringing new shops, residences, restaurants, hotels, conferences , and assembly areas.
The project, a partnership between the Commonwealth of Virginia, Monumental Sports & Entertainment, the City of Alexandria, and JBG SMITH, will bring more than 650 seats to the MSE headquarters at Potomac Yard. . The Arena, Phase 1, and future phases of development are estimated to generate a combined $12 billion in economic impact for the Commonwealth and the City of Alexandria and create approximately 30,000 jobs over the next ten years. Under the approval of the law of the Virginia General Assembly, the Entertainment District will break ground in 2025 and open at the end of 2028.
“This is the most visible sports and entertainment development in the world, bringing together entertainment, sports, and technology in the tallest new bridge in the United States: a once-in-a-generation and historic development for the Commonwealth, sports people. , and all Virginians. The Commonwealth will now be home to two professional sports teams, a new headquarters, and more than 30,000 new jobs – it’s amazing,” said Governor Glenn Youngkin. “This was only possible through the close cooperation between Virginia’s economic development team, the Monumental Sports & Entertainment team, the City of Alexandria, our administration and the Employment Commission and Investments of the Virginia General Assembly, and JGB SMITH. Virginia is definitely the best place to live, work, raise a family, and now watch basketball or hockey.
“Ensuring funding stability has been a priority for the Commonwealth, and we believe this project change is a win-win for Virginia, the City of Alexandria, and Monumental Sports & Entertainment,” said Finance Secretary Stephen Cummings. “All project investments supported by the Government and the City will be fully repaid through additional revenue; There is no upfront Commonwealth capital expenditure and there are no existing taxes or additional taxes as part of this funding plan. This great opportunity will strengthen billions of the total economy in 40 years.
“The Commonwealth of Virginia is a true breeding ground for innovation, and this transformation represents a unique opportunity for the region’s leading sports and entertainment company to build meaningful relationships with Virginia Tech, and other business partners. in the region, including Amazon, Boeing, and Raytheon. This district will provide tens of thousands of jobs and billions of dollars in economic impact, creating a regional center,” said Business and Trade Secretary Caren Merrick. “It is an honor to partner with Monumental Sports & Entertainment, VEDP, the City of Alexandria, and JBG SMITH on this historic win for Virginia.”
“Investments in the Commonwealth’s transportation infrastructure, including the Potomac Yard-VT Metro Station, allow infrastructure like this to become powerful regional economic drivers. Today’s announcement underscores the importance of strengthening our transportation network, and it’s exciting to see this Fourth District world events have come to fruition,” said Transportation Secretary W. Sheppard Miller III. “We look forward to working with Monumental Sports & Entertainment and the City of Alexandria, as well as regional businesses, to ensure future investments in the National Landing corridor support safe and reliable transportation.” vehicles, pedestrians, and traffic to and from this highly competitive District.”
“We are committed to delivering exciting content to the world as we continue to improve our teams, deepen our community relationships, and strengthen our role as leaders in sports and technology,” Monumental Sports & Entertainment CEO Ted Leonsis said. “The opportunity to expand to this 70-acre site in Virginia, an industry-leading model, and a dedicated training partner, will allow us to expand our creativity and achieve next-generation, industry-leading work – while maintaining a our fans and the community. at the forefront of everything we do.”
“The economic impact of this project cannot be overstated. This Entertainment District will be home to the Washington Capitals and Washington Wizards, giving loyal fans a world-class arena to cheer on their hometown teams. , as well as an arcade, an e-sports expansion, and many new features. restaurants, shops, and community gathering places. This means more local jobs and more local revenue that will translate into additional funding for public schools, police departments, fire departments, and more. It’s a slam dunk for economic development and a catalyst for job creation,” said US Senator Mark R. Warner.
“Alexandria’s ability to attract this exciting project is a direct result of the success of recent investments made at Potomac Yard and across our city,” said Alexandria Mayor Justin Wilson. “Our integrated plan and vision for economic growth will ensure that Alexandria remains vibrant, accessible, and inclusive for all.”
“Big Games’ commitment to National Landing marks another milestone in its development as an exemplary, 21st-century city destination in Northern Virginia and the as a powerful catalyst for growth and opportunity in the neighborhood,” said Matt Kelly, Chief Executive Officer at JBG SMITH. “We are grateful for Governor Youngkin’s leadership and look forward to working with his administration, the City of Alexandria, Virginia Tech, and Monumental Sports in developing a strong district anchored by world leaders in business, sports, entertainment, and higher education.”
Located on the Potomac River across from Washington, DC, the Entertainment District is easily accessible by all modes of transportation and just minutes from the new Potomac Yard-VT Metro Station , Ronald Reagan National Airport, bike and walking trails, and underground parking. Joining National Landing as part of Potomac Yard, the Entertainment District will be close to the Virginia Tech Innovation Campus and close to Amazon HQ2, creating opportunities for unique partnerships between MSE and Virginia Tech focuses on business, sports analytics, wearable technology, and new business. and media channels.
“We are excited about Monumental Sports & Entertainment’s plans to be our neighbors at Potomac Yard,” said Virginia Tech President, Tim Sands. “We believe in the great potential of this place, and are eager to welcome others who are interested in this community and build a happy and prosperous future together.”
“Securing this public-private partnership is a real game changer for the City of Alexandria, the region, and the Commonwealth, benefiting a generation of Virginians and putting Potomac Yard on the map as a sport. regional, entertainment, and innovation,” said the Executive Director of the Commission on Jobs and Employment and Financial Services Representative Barry Knight. “The thousands of jobs and economic impact that will result from this project cannot be overstated, and I am proud that the MEI Commission can play a role.”
“Thank you to everyone who played a part in this historic project for the City of Alexandria and the Commonwealth,” said the Deputy Chairman of the Commission on Investment Projects, Deputy Chairman Senator George Barker. “Accelerating economic development in Virginia is a top priority, and the Entertainment District will have a ripple effect on the economy and increase investment for years to come. I pleased that the MEI Commission can be a part of the collaboration to help secure this important work.
Monumental Sports & Entertainment is one of America’s leading sports and entertainment companies. Its people, players, teams, and events bring happiness and joy to millions. The company is installing and updating the ever-growing game so that they can provide special information that inspires and unites their community, fans, and partners.
The Youngkin Administration and Virginia Economic Development Partnership worked with the City of Alexandria, JBG SMITH, and the General Assembly’s Employment and Investment Authorization (MEI) Commission to secure the project for Virginia.
At the upcoming General Assembly meeting, lawmakers will be asked to approve the creation of a new Virginia Sports and Entertainment Authority. The $2 billion investment will be supported through bonds issued by the Administration that will be made, as well as $403 million investment by the MSE. The bonds will be repaid through annual fees paid by MSE, arena parking revenue, County rights, and additional taxes generated by the Arena and Phase 1 development. There will be no upfront spending or addition of any taxes already collected by the Commonwealth to repay the bonds and there will be no increase in taxes for local residents. The City of Alexandria will also contribute $ 56 million to the construction of the theater in partnership with MSE, and $ 50 million for the construction of underground parks. The land and buildings will be owned by the Virginia Sports and Entertainment Authority. The Virginia Sports and Entertainment Authority will enter into a 40-year lease with the company.
The project includes $ 110 million on site including the construction of facilities and roads, signs, and the improvement of communication financed through bonds. VDOT, Alexandria DOT, MSE, JBG SMITH, and transportation consultants are continuing to develop a detailed analysis of the needs of the National Landing corridor, with input from regional partners, businesses, and residents to ensure a safe Recreation District , reliable, and successful. Transportation improvements will focus on transit, roads, smart mobility, and neighborhood protection.
This public-private partnership is subject to approval by the Virginia General Assembly and the City of Alexandria.
For more information about the project, please visit www.monumentalalx.com.