Had the proposed area and leisure come to Potomac Yard, Monumental Sports, together with the Washington Capitals and Washington Wizards, would have moved from D.C. to Alexandria.

ALEXANDRIA, Va. (DC News Now) — The City of Alexandria stated Wednesday that negotiations relating to a proposed area and leisure in Potomac Yard ended and that the mission, which might have introduced the Washington Capitals and Washington Wizards to Virginia, wouldn’t transfer ahead.

In making the announcement, Alexandria stated that negotiations “did not result in a proposal that protected [its] financial interests and respected these community values.”

As stewards of the City’s financial well being and growth, City leaders believed the Potomac Yard Entertainment 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 means that preserved our integrity. We trusted this course of and are dissatisfied in what occurred between the Governor and General Assembly.

Statement from the City of Alexandria

Alexandria Mayor Justin Wilson launched a video Wednesday and stated that Alexandria was targeted on a number of core values:

• Improving the prevailing transportation system,
• Expanding reasonably priced housing,
• Protecting Alexandria’s bond ranking,
• Protecting current and future residents from monetary danger,
• Providing substantial future income for town’s companies, and
• Providing high quality jobs.

“We have come to the conclusion that the general assembly process is not going to produce a proposal that protects our financial responsibilities and respects our community’s values,” Wilson stated within the video.

The announcement got here after a months-long debate that may have introduced Monumental Sports, 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 may have created a stadium authority for the proposed area. In March, D.C. Attorney General Brian Schwalb penned a letter to Monumental Sports saying that its contract with the District wouldn’t permit a transfer till 2047.

“We are disappointed that this proposal was not able to be thoughtfully considered on its merits by legislators, stakeholders, and ultimately now, by our community, and instead got caught up in partisan warfare in Richmond,” Wilson stated in Wednesday’s video.

Virginians deserve higher. A one-of-a-kind mission bringing world-class athletes and leisure, creating 30,000 jobs and $12 billion in financial exercise simply went up in smoke. This transformational mission would have pushed funding to each nook of the Commonwealth. This ought to have been our deal and our alternative, all of the General Assembly needed to do was say: ‘thank you, Monumental, for wanting to come to Virginia and create $12 billion of economic investment, let’s work it out.’ But no, private and political agendas drove away a cope with no upfront normal fund cash and no tax will increase, that created tens of hundreds of latest jobs and billions in income for Virginia. I’d prefer to thank Ted Leonsis and the Monumental crew, the City of Alexandria, JBG Smith and numerous different companions for his or her professionalism, perception in Virginia and fortitude. Congratulations to Monumental for hanging an awesome deal, I’m sorry you gained’t be in Virginia

Statement from Virginia Gov. Glen Youngkin

“We are resolute in our commitment to ensure the City’s future is determined by our community. We will continue to pursue economic opportunities that improve our quality of life and economic health. Alexandria welcomes commercial investment, and our residents, businesses, and stakeholders deserve the chance to make educated decisions about how we continue to welcome new businesses to our city. We will continue to focus our efforts on bringing quality commercial opportunities to our community in the future,” Alexandria’s assertion stated.