The Northern Virginia Chamber of Commerce has issued a statement in support of the proposed new entertainment district in Potomac Yard, the same day that Monumental Sports & Entertainment CEO Ted Leonsis published a letter defending the plan.
Leonsis and Virginia leadership announced in December a plan to move the Washington Capitals and Wizards to Alexandria as part of a new, $2 billion, 70-acre entertainment district that would sit behind the Potomac Yard shopping center.
The plan has since been met with criticism from some fans and residents. A month and a half after the plan was first announced, Leonsis published a 2,500-word statement in defense of the move.
In the letter, he referred to the DMV area as a “supercity,” making note that 44 percent of fans of the two teams are from Virginia, 41 percent from Maryland, and 15 percent from Washington, DC.
“In the DMV, if one wins, we all win. This was true with Amazon HQ2, and I believe it will be true with our project as well,” the statement read. “This project will bring together fans across the Greater Washington region to bring to life a collective vision for Potomac Yard and create exceptional experiences and regional economic growth for decades to come.”
Leonsis addressed concerns regarding the finances of the plan, calling it a “public-private partnership.” The letter said that Monumental will contribute over $400 million and that there would be no new taxes on Virginia residents, but that Virginia would own the arena and use its AAA credit rating to issue bonds to fund construction.
In addition to financial factors, Leonsis’ statement also addressed concerns about the future of Capital One Arena and the space required around the new site. “The decision to move the teams to Potomac Yard is about space and opportunity,” Leonsis said, noting that the Potomac Yard site would have 12 acres of surrounding space as opposed to the current site’s 3.8 acres.
Northern Virginia Chamber of Commerce Offers Support
On the same day Leonsis made his statement, Northern Virginia Chamber of Commerce CEO Julie Coons issued a statement that the organization “strongly supports” the plan, saying, “This novel project represents a unique opportunity to significantly broaden our tax base from commercial and residential property taxes while offering new avenues for cultural engagement in our community.”
“This new entertainment district promises to attract diverse crowds and provide innovative business collaborations that accelerate economic development throughout Northern Virginia and greater Washington while celebrating and elevating our region’s exceptional character,” Coons continued.
JBG SMITH Commits to Preserve Affordable Housing
Real estate investment and development company JBG SMITH, which owns the land where the development will go and will be partnering with Monumental to develop the plan, has announced a commitment to preserve at least 500 units of affordable workforce housing in Alexandria.
The affordable units are in addition to new housing that was proposed as part of the Potomac Yard plan, and they will range in affordability from 40 percent of the area median income and up. The Arlandria-Chirilagua neighborhood is a priority, JBG SMITH said.
“The availability of affordable housing is an enabler to our economic growth and the mark of an inclusive community,” said Alexandria Mayor Justin Wilson. “We view the proposals for the new Potomac Yard Entertainment District as an economic boon for the city, but also a unique opportunity to expand our supply of both market-rate and committed affordable housing stock.”
Feature rendering of proposed Monumental complex at Potomac Yard courtesy Monumental Sports & Entertainment
For more stories like this, subscribe to Northern Virginia Magazine’s News newsletter.
