Updated at 4:33pm with additional information
The City of Alexandria has ended negotiations related to the Potomac Yard Entertainment District opportunity that would’ve included the Capitals and Wizards, stating that the proposal will not move forward, according to a press release by the City of Alexandria on Wednesday.
Monumental Sports & Entertainment’s Founder, Chairman, Principal Partner, and CEO, Ted Leonsis, D.C. Mayor Muriel Bowser, and D.C. Council Chairman Phil Mendelson announced an agreement for a “transformative renovation and modernization of Capital One Arena and an expansion of Monumental’s business and hospitality operations next door into Gallery Place for a revitalized entertainment destination in Downtown D.C.”
Full statement by the city of Alexandria below:
Per the City of Alexandria: As stewards of the City’s economic health and development, City leaders believed the Potomac Yard Entertainment District opportunity was worthy of community discussion and Council consideration. We negotiated a framework for this opportunity in good faith and participated in the process in Richmond in a way that preserved our integrity. We trusted this process and are disappointed in what occurred between the Governor and General Assembly.
We engaged in substantial community engagement over the past months that informed our negotiations and would have made the proposal even better for our community. That continued conversation would have also allowed us to consider how a project of this scale could support our plans for growth and our community’s future.
Throughout this process, the City has been committed to ensuring that our role in this project not only added financial value but promised that our core values would remain an integral part of this opportunity. The City was adamant that any favorable consideration of the proposal included substantial and thoughtful improvements to the existing transportation system; included affordable housing; protect our stellar AAA bond rating; protect existing and future residents from financial risk; provided substantial future revenue for city and school services; protected existing neighborhoods; and provided quality jobs for our community. We are disappointed negotiations did not result in a proposal that protected our financial interests and respected these community values.
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.