Alexandria, Va. recently declared the end of negotiations to bring the NHL’s Washington Capitals and NBA’s Washington Wizards to the city. A plan to establish a development district with a new arena for the teams will not proceed. The city expressed disappointment in the outcome of discussions, which were hindered by Governor Glenn Youngkin’s refusal to approve an incentive plan in Virginia’s General Assembly.
Despite this setback, reports suggest that Washington D.C. Mayor Muriel E. Bowser and the Wizards are finalizing a deal to keep the teams in Washington at Capital One Arena through 2050. The city will provide $515 million to renovate the current arena, as announced by Ted Leonsis who previously planned to relocate the teams to Alexandria as part of a larger mixed-use development project.
The city of Alexandria stated that they saw great potential in the Potomac Yard Entertainment District opportunity and engaged in substantial community engagement during negotiations. However, they expressed disappointment over political and personal agendas that led Governor Youngkin to block their plans from progressing. Despite this setback, Alexandria continues to pursue economic opportunities that would improve its quality of life and economic well-being for its residents.
