Plan for Potomac Yard Entertainment District Will Not Proceed

The plan for an leisure district in Potomac Yard is not going to transfer ahead. The City of Alexandria introduced Wednesday that it has ended negotiations on the deal, which concluded any probabilities that the proposal would proceed.  

Meanwhile, DC Mayor Muriel Bowser and Monumental Sports CEO Ted Leonsis are finalizing a deal to maintain the groups in DC till 2050, pending approval from the DC Council, in keeping with The Washington Post. Under this new plan, DC would spend $515 million over three years to replace the prevailing Capital One Arena in Chinatown, and Leonsis would signal a brand new 25-year lease.

An announcement from the City of Alexandria mentioned that metropolis leaders believed the plan was “worthy of neighborhood dialogue and council consideration,” however mentioned they have been “disenchanted in what occurred between the governor and General Assembly.” 

In December, Alexandria Mayor Justin Wilson, Gov. Glenn Youngkin, and Leonsis introduced a plan to carry the Washington Wizards and Capitals to Alexandria and redevelop Potomac Yard with a 70-acre sports activities complicated, plus a performing arts venue and extra. The plan was a subject brought about an uproar in Alexandria’s Del Ray neighborhood. It was the topic of utmost debate amongst state lawmakers and was excluded from the state finances earlier this month.  

“We have been disenchanted that this proposal was not in a position to be thoughtfully thought of on its deserves by legislators, stakeholders, and finally now by our neighborhood, and as a substitute obtained caught up in partisan warfare in Richmond,” Wilson mentioned in a video assertion.  

Gov. Glenn Youngkin additionally launched a press release reacting to the information, saying “Virginians deserve higher.”

“This ought to have been our deal and our alternative, all of the General Assembly needed to do was say: ‘thanks, Monumental, for wanting to return to Virginia and create $12 billion of financial funding, let’s work it out.’ But no, private and political agendas drove away a cope with no upfront common fund cash and no tax will increase, that created tens of hundreds of recent jobs and billions in income for Virginia,” Youngkin mentioned.

“Congratulations to Monumental for putting a fantastic deal, I’m sorry you gained’t be in Virginia,” Youngkin mentioned.

The City of Alexandria’s assertion mentioned that it had been dedicated all through the method to making sure monetary worth and sustaining the town’s core values.  

The assertion asserted that consideration of the proposal relied on whether or not it included enhancements to the transportation system; inexpensive housing; protected the town’s AAA bond ranking; protected residents from monetary danger; supplied income for the town and colleges; protected present neighborhoods; and supplied jobs. 

“We have come to the conclusion that the General Assembly course of isn’t going to supply a proposal that protects our monetary duties and respects our neighborhood’s values,” Wilson mentioned. “We will proceed to pursue financial alternatives that enhance our high quality of life and our financial well being.”  

Feature rendering courtesy JBG Smith

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