Alexandria, Va. Mourns the Loss of NHL and NBA Teams, but Plans for Future Economic Opportunities Continue

Wizards and Capitals to Remain in D.C. as Teams Strike New Deal Following Virginia Relocation Hurdle, Report Says

Alexandria, Va. recently announced the end of negotiations to bring the NHL’s Washington Capitals and NBA’s Washington Wizards to the city. The city expressed disappointment in the outcome of negotiations, which were hindered by the blocking of an incentive plan by Governor Glenn Youngkin in the state’s General Assembly. However, following Alexandria’s announcement, it was reported that the Wizards and D.C. Mayor Muriel E. Bowser were finalizing a deal to keep the teams in Washington at Capital One Arena through 2050. The city will provide $515 million to modernize the current arena.

Ted Leonsis had previously announced plans to relocate the teams to Alexandria as part of a larger mixed-use development project. However, despite this setback, the city of Alexandria will continue to pursue economic opportunities to enhance the quality of life and economic health of the community. In fact, they stated that they believed that their Potomac Yard Entertainment District opportunity was worth discussing and participating in good faith, despite disappointing results between Governor Youngkin and Virginia’s General Assembly that hindered negotiations on incentives for such a project.

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