A new economic impact study paints a promising picture for Alexandria and Virginia if the Washington Wizards and Capitals relocate to Potomac Yard. The study, commissioned by the City of Alexandria, reveals significant potential benefits in terms of tax revenue, job creation, and development compared to a scenario without the sports complex.
Key Findings:
- Tax Revenue Boost: Alexandria could enjoy nearly $34 million annually in tax revenue, a sevenfold increase compared to the no-arena scenario. Virginia would also see a significant jump, with an estimated $40 million annually compared to $17 million without the project.
- Job Creation Powerhouse: Over 29,555 permanent jobs could be created across Virginia, compared to just 12,330 without the arena. Construction alone would generate 2,535 jobs in Alexandria and 17,645 statewide, significantly exceeding figures without the project.
- Development Boom: The project would unlock massive development potential. Instead of simply 1 million square feet of housing, office, and retail space, the site could see over 9 million square feet with the arena, hotel, entertainment center, and conference space included.
- Enhanced Retail: Private development revenue is projected to jump from $54 million to $287 million with the sports complex, indicating potential benefits for local businesses.
Overall, the study suggests the move could be a major economic driver for the region, generating substantial tax revenue, creating thousands of jobs, and spurring significant development.