The proposed entertainment district at Potomac Yard has drawn criticism and praise from residents and business leaders. Now, Alexandria is putting together a series of informational events to keep the public informed and to answer questions.
The $2 billion, 70-acre sports and entertainment district would be the new home of the Washington Capitals and Washington Wizards and would include a 6,000-seat performing arts venue, and an expanded esports facility. Monumental Sports would use the campus as its headquarters for its more than 650 employees and would base its Monumental Sports Network there. The area would include new retail, a conference center, and gathering spaces.
A Virginia Sports and Entertainment Authority, that has yet to be created by the Virginia General Assembly, would own the land and buildings. The complex would be built using bonds and contributions, according to the Alexandria Economic Development Partnership, including:
- $1.05 billion Project Revenue Bonds issued by a new Sports & Entertainment Authority;
- $416 million Lease Revenue Bonds issued by a new Sports & Entertainment Authority;
- $403 million contribution from Monumental Sports & Entertainment;
- $106 million contribution from the City of Alexandria, to build a performing arts venue in partnership with Monumental Sports & Entertainment and related underground parking.
The bonds would be paid back through lease payments made by Monumental; business and sales and use tax revenues; parking tax revenues; and naming rights.
Questions have been raised about the cost of the complex, as well as its impact on traffic and quality of life for those living in Del Ray and other nearby communities.
Every other Tuesday until March 26 the city and its project partners will share new information about the entertainment district during city council legislative meetings. After that, updates would be on an as-needed basis.
Weekly Listening Sessions
Alexandria plans to hold weekly listening sessions from 7 to 8 p.m. on Thursdays.
- Financial proposal and economic impact: January 18
- Schools, housing, and other community benefits: January 25
- Transportation and traffic management: February 1
- Small business and economic opportunity: February 8
A town hall meeting on the entertainment district will be held by the city council at 9:30 a.m. on January 27.
The city also will have pop-up events and will announce site tours in the near future.
Read more about the proposal, submit questions, and sign up for email updates at MonumentalALX.com.
Feature rendering courtesy JBG SMITH
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