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Tags: governor youngkin | virginia | alexandria | potomac yard | entertainment

Gov. Youngkin Plans $2B Virginia Entertainment District

By    |   Wednesday, 13 December 2023 11:29 AM EST

Virginia Gov. Glenn Youngkin, a Republican, announced a $2 billion public-private partnership to create an entertainment district in Alexandria at Potomac Yard.

The new 9 million-square-foot district developed by JBG SMITH will feature the global corporate headquarters of Monumental Sports & Entertainment (MSE), an industry-leading arena for both the Washington Capitals and Washington Wizards, a state-of-the-art Monumental Sports Network media studio, the Wizards practice facility, and a performing arts center, as well as new retail, residential, restaurants, hotels, conference, and community spaces. 

It is estimated that the Arena, Phase 1, and future phases of development will generate a combined $12 billion in economic impact for the Commonwealth and Alexandria and create around 30,000 jobs over the next several decades. Subject to legislative approval by the Virginia General Assembly, the entertainment district will break ground in 2025 and open in late 2028.

Gov. Youngkin said the project was made possible through consistent collaboration between Virginia’s economic development team, the Monumental Sports & Entertainment team, the City of Alexandria, his own administration, the Virginia General Assembly’s Major Employment and Investment Project Approval Commission, and JGB SMITH.

"Virginia is undoubtedly the best place to live, work, raise a family, and now watch basketball or hockey,” Gov. Youngkin said.

Secretary of Finance Stephen Cummings added: "All project investments backed by the Commonwealth and the city will be paid back in full by incremental project revenues; there is no upfront investment by the Commonwealth and no existing taxes or tax increases are a part of this financing plan. This tremendous opportunity will drive billions in total economic impact over 40 years.”

The project represents an opportunity for sports and entertainment companies to forge connections with Virginia Tech and other corporate partners in the region, including Amazon, Boeing, and Raytheon.

Located on the Potomac River just across from Washington, D.C., the entertainment district will be easily accessible by all modes of transportation  — it is just minutes away from the newly opened Potomac Yard-VT Metro Station, Ronald Reagan National Airport, community bike paths and foot trails, and underground parking. Joining National Landing as part of Potomac Yard, the entertainment district will be adjacent to the Virginia Tech Innovation Campus and near Amazon HQ2.

"This district will generate tens of thousands of jobs and billions of dollars in economic impact, creating a prime regional destination,” said Secretary of Commerce and Trade Caren Merrick. 

 

Peter Malbin

Peter Malbin, a Newsmax writer, covers news and politics. He has 30 years of news experience, including for the New York Times, New York Post and Newsweek.com. 

© 2024 Newsmax. All rights reserved.


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Virginia Gov. Glenn Youngkin, a Republican, announced a $2 billion public-private partnership to create an entertainment district in Alexandria at Potomac Yard. The new 9 million-square-foot district developed by JBG SMITH will feature the global corporate headquarters of...
governor youngkin, virginia, alexandria, potomac yard, entertainment
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2023-29-13
Wednesday, 13 December 2023 11:29 AM
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