Gov. Glenn Youngkin has announced a $2 billion public-private partnership to create a world-class entertainment district in Alexandria’s Potomac Yard – and it just happens to be adjacent to the Virginia Tech Innovation Campus.
This 9 million-square-foot district developed by JBG SMITH will feature the global corporate headquarters for Monumental Sports & Entertainment (MSE), an industry-leading arena for both the Washington Capitals and Washington Wizards, a Monumental Sports Network media studio, the Wizards practice facility, a performing arts venue, and an expanded esports facility in addition to bringing new retail, residential, restaurants, hotels, conference, and community gathering spaces, according to the news release from the governor’s office.
“This is the most visionary sports and entertainment development in the world, bringing together entertainment, sports, and technology in the most advanced innovation corridor in the United States: a once-in-a-generation and historic development for the commonwealth, sports fans, and all Virginians. The commonwealth will now be home to two professional sports teams, a new corporate headquarters, and over 30,000 new jobs – this is monumental,” Youngkin said.
“The Commonwealth of Virginia is truly a catalyst for innovation, and this transformational project represents a unique opportunity for the region’s premier sports and entertainment company to forge meaningful connections with Virginia Tech and other corporate partners in the region, including Amazon, Boeing, and Raytheon. 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.
Ted Leonsis, owner of Monumental Sports & Entertainment, sported a Virginia Tech tie at Wednesday’s announcement event at Potomac Yard. Gov. Youngkin, Leonsis, and Sen. Mark Warner were among the speakers at the news event.
Located on the Potomac River just across from Washington, D.C., the entertainment district is easily accessible by all modes of transportation and is minutes 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, creating opportunities for unique partnerships between MSE and Virginia Tech focused on entrepreneurship, sports analytics, immersive technologies, and innovative new business and media strategies.
“We’re excited by Monumental Sports & Entertainment’s plans to be our neighbor in Potomac Yard,” Virginia Tech President Tim Sands said. “We believe in the great potential of this location and are eager to welcome others who are passionate about this community and building an exciting and vibrant future together.”
This public-private partnership is subject to legislative approval by the Virginia General Assembly and the City of Alexandria. In the upcoming General Assembly session, legislators will be asked to approve the creation of a new Virginia Sports and Entertainment Authority.