Monumental Sports announcement to possibly move to Alexandria has sparked a new focus on Potomac Yard and its traffic patterns.
By Lynn Norusis
February 2024
In December 2023, Gov. Glenn Youngkin, Alexandria City Mayor Justin Wilson and Ted Leonsis stood across from the Potomac Yard Metro station (near Amazon’s new HQ2 development in the National Landing area) and announced a proposed plan for the new location of a sports stadium and entertainment district. If approved, it would be a new arena for the NHL and NBA teams, a new world headquarters for Monumental Sports, a state-of-the-art media studio for the network, a Wizards practice facility, a performing arts venue and an expanded esports facility.
The plan includes 9 million square feet for an arena that would house the Washington Capitals and Wizards teams as well as an entertainment district that includes a separate 3,000-seat venue for concerts, a large underground parking lot and more.
A transportation study commissioned by the commonwealth found that “significant focus would have to be put on minimizing impact during peak traffic during rush hours when there are home games, as well as allocating millions into improvements into the surrounding roadways like Route 1,” according to a WTOP article, along with finding strategies that would focus on “non-auto mode share” such as Metro rail, buses, pedestrian and bicycling. The study even noted possible water taxis in the future.
While the study focuses on the impact of when the project is finished and open, the impact on residents during the construction process needs to be flushed out.
The plan is supported by Mayor Wilson but it must still be approved by the state’s General Assembly and the city council members. The city will host a series of community meetings and workshops this year on the proposal. The project is a $2 billion development with $403 million coming from Monumental, $106 million from the city and $1.5 billion from bonds that would be repaid over time through rent paid by the team, parking fees, naming rights and new tax revenues generated by the development. There are no proposed tax increases for local residents.
For more information on development happening around Northern Virginia, check out our development updates page. We focus on a different area in Northern Virginia each month.
If you have any questions about Northern Virginia real estate, reach out as we are happy to help.
