The City of Alexandria released an economic and fiscal impact study showing that the proposed Potomac Yard entertainment district would have a big economic impact on Alexandria, including in the number of jobs it would bring to the city.
The study, conducted by consulting firm HR&A Advisors for the Alexandria Economic Development Partnership, compares two scenarios: a baseline in which the development of Potomac Yard stays mostly the same and a scenario in which the new entertainment district, including an arena for the Washington Wizards and Capitals, is developed.
Scenario two includes the development of an arena, e-sports facility, music venue, parking garage, a facility for the Wizards, and office space. It would total about 9.4 million square feet of development.
In the scenario where the arena plan moves forward, the study shows that the plan would create over 22,000 permanent new jobs in Alexandria. This represents about a 22 percent increase from the Federal Reserve’s current estimate that there are about 102,000 people with jobs in Alexandria.
In terms of economic output, Potomac Yard would generate an economic output of about $8 billion for Virginia in the scenario with the arena. In the scenario without, that number is about $3.5 billion.
The data in the study assumes, based on a business model that Monumental hired CSL International to create, that there would be 221 arena events and 115 concert venue events per year. For comparison, Capital One Arena currently hosts an average of 216 events annually.
While neighbors oppose the Potomac Yard entertainment district plans, Virginia lawmakers are currently working to decide whether to move forward with it. Legislation passed the Virginia House of Delegates on February 13 but has stalled in the Virginia Senate, WUSA9 reports. The Alexandria City Council also would need to approve it.
Feature image courtesy Monumental Sports & Entertainment
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