The plan for an entertainment district in Potomac Yard will not move forward. The City of Alexandria announced Wednesday that it has ended negotiations on the deal, which concluded any chances that the proposal would proceed.
Meanwhile, DC Mayor Muriel Bowser and Monumental Sports CEO Ted Leonsis are finalizing a deal to keep the teams in DC until 2050, pending approval from the DC Council, according to The Washington Post. Under this new plan, DC would spend $515 million over three years to update the existing Capital One Arena in Chinatown, and Leonsis would sign a new 25-year lease.
A statement from the City of Alexandria said that city leaders believed the plan was “worthy of community discussion and council consideration,” but said they were “disappointed in what occurred between the governor and General Assembly.”
In December, Alexandria Mayor Justin Wilson, Gov. Glenn Youngkin, and Leonsis announced a plan to bring the Washington Wizards and Capitals to Alexandria and redevelop Potomac Yard with a 70-acre sports complex, plus a performing arts venue and more. The plan caused an uproar in Alexandria’s Del Ray community. It was the subject of extreme debate among state lawmakers and was excluded from the state budget earlier this month.
“We were disappointed that this proposal was not able to be thoughtfully considered on its merits by legislators, stakeholders, and ultimately now by our community, and instead got caught up in partisan warfare in Richmond,” Wilson said in a video statement.
Gov. Glenn Youngkin also released a statement reacting to the news, saying “Virginians deserve better.”
“This should have been our deal and our opportunity, all the General Assembly had to do was say: ‘thank you, Monumental, for wanting to come to Virginia and create $12 billion of economic investment, let’s work it out.’ But no, personal and political agendas drove away a deal with no upfront general fund money and no tax increases, that created tens of thousands of new jobs and billions in revenue for Virginia,” Youngkin said.
“Congratulations to Monumental for striking a great deal, I’m sorry you won’t be in Virginia,” Youngkin said.
The City of Alexandria’s statement said that it had been committed throughout the process to ensuring financial value and maintaining the city’s core values.
The statement asserted that consideration of the proposal relied on whether it included improvements to the transportation system; affordable housing; protected the city’s AAA bond rating; protected residents from financial risk; provided revenue for the city and schools; protected existing neighborhoods; and provided jobs.
“We have come to the conclusion that the General Assembly process is not going to produce a proposal that protects our financial responsibilities and respects our community’s values,” Wilson said. “We will continue to pursue economic opportunities that improve our quality of life and our economic health.”
Feature rendering courtesy JBG Smith
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