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Gov. Youngkin announces proposal to bring Caps and Wizards to VA.
Governor Glenn Youngkin announced a $2 billion public-private partnership that hopes to create an Entertainment District at Potomac Yard in Alexandria.
The proposed 9 million square foot district will feature the global corporate headquarters of Monumental Sports and Entertainment.
Monumental Sports and Entertainment is the parent company of the Washington Capitals and Wizards.
If approved by the Virginia General Assembly and the city of Alexandria, the facility is expected to create approximately 30,000 jobs and generate $12 billion for the Commonwealth.
The proposed facility will house Monumental Sports media studio, practice facility for the Wizards, performing arts venue, and an expanded esports arena.
The facility will also include retail, residential, restaurants, hotels, conference, and community gathering spaces.
At December 13 press conference Virginia’s Secretary of Finance Stephen Cummings confirmed that no existing taxes or tax increase is a part of the financial plan.
If approved a groundbreaking is planned for 2025 with a 2028 opening expected.
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