Had the proposed area and leisure come to Potomac Yard, Monumental Sports activities, together with the Washington Capitals and Washington Wizards, would have moved from D.C. to Alexandria.
ALEXANDRIA, Va. (DC News Now) — The Metropolis of Alexandria mentioned Wednesday that negotiations relating to a proposed area and leisure in Potomac Yard ended and that the venture, which might have introduced the Washington Capitals and Washington Wizards to Virginia, wouldn’t transfer ahead.
In making the announcement, Alexandria mentioned that negotiations “didn’t lead to a proposal that protected [its] monetary pursuits and revered these group values.”
As stewards of the Metropolis’s financial well being and improvement, Metropolis leaders believed the Potomac Yard Leisure District alternative was worthy of group dialogue and Council consideration. We negotiated a framework for this chance in good religion and took part within the course of in Richmond in a manner that preserved our integrity. We trusted this course of and are disillusioned in what occurred between the Governor and Normal Meeting.
Assertion from the Metropolis of Alexandria
Alexandria Mayor Justin Wilson launched a video Wednesday and mentioned that Alexandria was centered on a number of core values:
- Bettering the present transportation system,
- Increasing inexpensive housing,
- Defending Alexandria’s bond score,
- Defending present and future residents from monetary threat,
- Offering substantial future income for town’s providers, and
- Offering high quality jobs.
“Now we have come to the conclusion that the overall meeting course of just isn’t going to supply a proposal that protects our monetary duties and respects our group’s values,” Wilson mentioned within the video.
The announcement got here after a months-long debate that might have introduced Monumental Sports activities, the proprietor of the Caps and Wizards, to Potomac Yard.
Gov. Glenn Youngkin first announced the proposed plan in December 2023.
In February, the Virginia Senate killed a bill that might have created a stadium authority for the proposed area. In March, D.C. Legal professional Normal Brian Schwalb penned a letter to Monumental Sports saying that its contract with the District wouldn’t enable a transfer till 2047.
“We’re disillusioned that this proposal was not capable of be thoughtfully thought of on its deserves by legislators, stakeholders, and finally now, by our group, and as a substitute received caught up in partisan warfare in Richmond,” Wilson mentioned in Wednesday’s video.
Virginians deserve higher. A one-of-a-kind venture bringing world-class athletes and leisure, creating 30,000 jobs and $12 billion in financial exercise simply went up in smoke. This transformational venture would have pushed funding to each nook of the Commonwealth. This could have been our deal and our alternative, all of the Normal Meeting needed to do was say: ‘thanks, Monumental, for wanting to return to Virginia and create $12 billion of financial funding, let’s work it out.’ However no, private and political agendas drove away a take care of no upfront basic fund cash and no tax will increase, that created tens of 1000’s of latest jobs and billions in income for Virginia. I’d wish to thank Ted Leonsis and the Monumental crew, the Metropolis of Alexandria, JBG Smith and numerous different companions for his or her professionalism, perception in Virginia and fortitude. Congratulations to Monumental for putting an ideal deal, I’m sorry you received’t be in Virginia
Assertion from Virginia Gov. Glen Youngkin
“We’re resolute in our dedication to make sure the Metropolis’s future is decided by our group. We are going to proceed to pursue financial alternatives that enhance our high quality of life and financial well being. Alexandria welcomes industrial funding, and our residents, companies, and stakeholders deserve the possibility to make educated selections about how we proceed to welcome new companies to our metropolis. We are going to proceed to focus our efforts on bringing high quality industrial alternatives to our group sooner or later,” Alexandria’s assertion mentioned.
