ALEXANDRIA, Va. (DC News Now) — A new study projects tens of thousands of jobs will be permanently created as a result of the $2 billion sports and entertainment project proposed for Alexandria’s Potomac Yard neighborhood.
In a memo to the Alexandria Economic Development Partnership (AEDP) on Friday, HR&A Advisors outlined the possible impacts of developing an entertainment district in Potomac Yard.
The impact study projects that an entertainment district would “generate approximately 30,000 permanent jobs for the Commonwealth of Virginia.”
Plans for the project were unveiled earlier this month with fanfare, and promoted by Governor Glenn Youngkin, and Monumental Sports & Entertainment CEO Ted Leonsis.
A completed project could also bring the Washington Wizards, and Capitals professional sports teams to Northern Virginia — leaving their D.C. home at Capital One Arena.
The study outlines two potential scenarios, a “Baseline” scenario that reflects planned development under current market conditions and site commitments with no arena and an “Arena + Accelerated Development” scenario that would include a new arena on site, as well as further development of the entertainment district.
In the first scenario, “Baseline Development,” new development would only occur in the area in red on the map (above). It would include residential, retail and office space. The current Potomac Yard Shopping Center would stay in place. This scenario would be finished sometime between 2030 and 2046.
The second scenario,” Arena + Accelerated Development,” would have two phases. The first phase would be completed between 2028 and 2029 and include a performing arts venue, team facility, arena parking garage and office building. The offices would include space for Monumental Sports corporate headquarters, Monumental Sports Network Studio and Virginia Tech space. This part would constructed in the red area on the map (above).
Additional residential, retail, hotel and conference space would be in the light blue area of the map labeled “Private Development in Pase 1” (above).
The second phase – “Additional Development” – would be completed between 2031 and 2036 to include residential, retail, hotel and office development. This would be constructed in the light and dark blue areas of the map labeled “future development and “long-term future development,” respectively.
The study found that the Potomac Yard Entertainment District would generate both one-time and permanent job creation.
Under the first scenario, Alexandria and Virginia would generate 2,725 new one-time construction jobs and 21,520 permanent full-time jobs.
Under the second scenario, Alexandria and Virginia would generate 20,180 new one-time construction jobs and 52,940 permanent full-time jobs.
