Alexandria, Virginia – Leading business organizations in Virginia have reaffirmed their strong support for the creation of a new sports and entertainment district in downtown Alexandria, including the planned move of the Washington Wizards and Capitals from their current home at Capitol One Arena in D.C.'s Chinatown to Alexandria's Potomac Yard.
In a letter sent to the Virginia General Assembly on Tuesday, influential groups such as the Northern Virginia Chamber of Commerce, Alexandria Chamber of Commerce, and Arlington Chamber of Commerce urged negotiators to include the opportunity for this development in their final agreement.
Economic Boon for Virginia
The signatories of the letter believe that the project presents a "monumental opportunity" for the Commonwealth of Virginia. They anticipate significant job creation, new revenue generation, and widespread benefits throughout the state.
Minority Business Support
The letter also marks the first public endorsement of the Monumental move by the Virginia Minority Chambers, an organization dedicated to empowering minority-owned chambers of commerce and fostering economic development in underserved communities across Virginia.
Financially Sound Project
The Virginia business community highlights the project's "creative, responsible, and fiscally-sound financing structure," emphasizing that it will require no upfront financial contributions from Virginia taxpayers. Instead, the project is expected to be self-funded through "revenues generated on-site and contributed by the arena anchor tenant, Monumental Sports and Entertainment."