A Monumental Opportunity - Monumental Opportunity Page Image

Monumental Opportunity

  • 30,000 Jobs
  • $12 Billion in New Revenue for Alexandria & the Commonwealth
  • $2 Billion of Direct Investment
  • 2 Professional Sports Teams

This is a monumental opportunity to create a world-class arena and entertainment district in Alexandria at Potomac Yard. Virginia is the largest state in the country without a professional sports team, and building the arena changes that in just a few years.

An Unparalleled Vision

This unprecedented project will join Amazon’s HQ2 and the Virginia Tech Innovation Campus to bring to life an unparalleled vision that will create exceptional experiences, unite our communities, and foster economic growth.  

   

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A Monumental Opportunity - Map Image

Area Development Maps

Monumental will join Amazon HQ2 to create the nation's premier sports, entertainment and innovation corridor complete with an arena, concert venue, hotel and conference center, and mixed-use housing, retail, and restaurants.

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Key Facts

  1. The arena development catalyzes over 9 million square feet of sports, entertainment, innovation, and mixed-use housing development that otherwise would not occur.
  2. Without this plan, the existing shopping center will remain for 20 years as is.
  3. JBG SMITH commits to work with Target to retain a store on site.
  4. The arena development is consistent with the total density and vision already approved as part of the site’s existing entitlements.

   

Benefits for the Alexandria Community

With the building of the new arena and entertainment district, the quality of life for residents in northern Virginia will greatly improve to include better shopping, dining options, more housing, and more local entertainment. The arena district will redevelop vacant and underutilized land to create a new, more stable tax base in Alexandria. Those funds will be used to invest in local priorities such as affordable housing, better schools, and better transportation infrastructure.
 

An Economic Win-Win-Win

Sports and entertainment are a catalyst for shared prosperity and economic growth. This project is an investment in the future, creating an economic win-win-win.


Win for Community
    > $4.9 billion in economic impact for Alexandria
    > $31 million in new education funding from Phase 1​
    > $49 million in new, multi-modal transportation funding
    > Invest in affordable housing, better schools and better infrastructure
Win for Virginia
    > 30,000 new direct and indirect jobs
    > $7 billion in positive economic impact to the Commonwealth​
Win for Mid-Atlantic
    > Anchors leading regional sports, entertainment, and innovation hub for the entire Mid-Atlantic
    > 35 year commitment from opening for two professional sports teams

Source: HR&A Economic Analysis Presented to Virginia General Assembly's MEI Commission. 

Monumental Job Creation

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The project will generate an estimated 30,000 permanent jobs, and an additional 17,000 construction-related jobs up to a decade faster than current growth projections.

New Jobs Generated

Permanent Jobs

Construction Jobs

Without Arena (2030-2046)

12,330

2,380

With Arena & Accelerated Development (2028-2036)

29,925

17,645

A Monumental Opportunity - Venue Image

Revenues

 

Estimated Fiscal Impact of Site With and Without the Project ($ Billions)

 

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Source: HR&A Fiscal Impact Analysis as of 12/1/2023

 

Baseline Development Without Arena
1.3 million square feet of development projected over the next 30 years on the former cinema lots. The existing shopping center is expected to renew existing tenants and not be redeveloped.
Full Project with Arena and Subsequent Phases
Over 9 million square feet of development, with 3.5 million square feet assumed through Phase 1. The southern half of the existing shopping center is replaced with private development in Phase 1.
Calculated as:
(+) All estimated incremental taxes and Sports and Entertainment Authority revenues for construction period & 35 years of operations, including both direct and indirect/multiplier economic activity for all phases of the Project
(-) Debt service on Project Revenue Sports and Entertainment Authority Bonds
= Gross Fiscal Impact
Present Value is discounted at 5%

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The project will generate $12 billion in positive economic impact to the Commonwealth and the City of Alexandria after debt servicing, including $4.7 billion in new tax revenues.

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$7 billion economic impact to Commonwealth represents direct revenue impact generated by Phases 1, 2 and 3, and indirect/offsite economic impact. $5 billion economic impact to City of Alexandria represents direct revenue impact generated by Phases 1, 2 and 3, and indirect/offsite economic impact.

Transportation

The community’s interests and MSE/JBG SMITH interests are completely aligned on transportation. This project will not succeed unless there is an ability to get people to and from the arena and surrounding entertainment district. In addition to a metro station right near the complex, the plan would include a large underground parking area so visitors are not parking in residential areas. A preliminary transportation analysis was completed to understand initial transportation priorities for the project. A full plan that will take into account community input is now underway.

 

Four Key Issues

 

Traffic During Games & Events

Move people in and out of events with minimal disruptions to the local community with a 2,500-space underground parking garage, shuttle access to other nearby parking, improved Metro access, dedicated rideshare areas, and rideshare promotions.

Protecting Neighborhoods

Protect nearby neighborhoods, ensuring eventgoers do not park on local streets and that traffic does not disrupt daily life.

Existing Route 1 Multi-Modal Improvements

Complete a number of important transportation improvements in the Route 1 corridor, including DASH upgrades, intersection and turn lane upgrades, and additional EV charging stations.

Transit Access

Address capacity at nearby stations and strengthen transit access within the local community.

Potential Arena District Transportation Improvements

 

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