ALEXANDRIA, Va. (DC News Now) — Governor Glenn Youngkin announced Wednesday a new $2 billion public-private partnership to build an entertainment district in Alexandria at Potomac Yard.
According to a release from Youngkin’s office, the entertainment district will be developed by JBG Smith and will cover 9 million square feet.
Officials said the development will feature the global corporate headquarters for Monumental Sports and Entertainment. It will also feature an arena for both the Washington Capitals and the Washington Wizards, a Monumental Sports Network media studio, the Wizards practice facility, a performing arts venue, and an expanded esports facility.
Youngkin also said that the district will bring new retail, residential buildings, restaurants, hotels, conference venues, and community gathering spaces.
Officials said the project is expected to bring $12 billion in economic impact and generate around 30,000 jobs over the next several decades.
Subject to legislative approval by the Virginia General Assembly, the development is expected to break ground in 2023 and open in late 2028 according to the Governor’s office.
Representatives for Monumental Sports added in a statement that the proposed arena would seat between 10,000 and 20,000 people.