Wizards and Caps could be moving to Potomac Yard

[Anonymous]

Anonymous wrote:

Anonymous wrote:Given the lack of demand for DC office space, Ted has a real and cost effective opportunity to take control of other buildings near Capital One, whether for office space, team facilities, etc.

DC’s mayor didn’t include that land in their offer. Alexandria did.

Moreover, an acre in DC is not equivalent to an acre in Alexandria or Fairfax. DC has significant constraints on height — 130 feet. In Alexandria, Ted can build 300+ feet skyscrapers on the Potomac. He basically gets his own Navy Yard development, but with much taller and higher capacity buildings.

The Mayor didn't offer land because land isn't available. That isn't to say that she could promise the FBI parcel or part of Poplar Point or RFK if/when those federal land transfers happen, but that may not be in the next decade, so who knows.

That said, this is an easy $2B cash grab by Leonsis and nothing more. No one can blame him, but what Alexandria taxpayers would want to be on the hook for the debt obligation is beyond me.

[Anonymous]

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Given the lack of demand for DC office space, Ted has a real and cost effective opportunity to take control of other buildings near Capital One, whether for office space, team facilities, etc.

DC’s mayor didn’t include that land in their offer. Alexandria did.

Moreover, an acre in DC is not equivalent to an acre in Alexandria or Fairfax. DC has significant constraints on height — 130 feet. In Alexandria, Ted can build 300+ feet skyscrapers on the Potomac. He basically gets his own Navy Yard development, but with much taller and higher capacity buildings.

The Mayor didn't offer land because land isn't available. That isn't to say that she could promise the FBI parcel or part of Poplar Point or RFK if/when those federal land transfers happen, but that may not be in the next decade, so who knows.

That said, this is an easy $2B cash grab by Leonsis and nothing more. No one can blame him, but what Alexandria taxpayers would want to be on the hook for the debt obligation is beyond me.

Of course, the Mayor did not offer other land, because the City does not control the surrounding buildings. But there are plenty of underutilized office buildings near Capital One Arena that are looking for new uses. Someone simply needs to be creative.

[Anonymous]

Anonymous wrote:

And we certainly can expect the wealthy citizen ticket holders to wait for the next Metro. [Not.]

[Anonymous]

Anonymous wrote:

Anonymous wrote:

And we certainly can expect the wealthy citizen ticket holders to wait for the next Metro. [Not.]

It's cute that you think metro will be around in four years.

[Anonymous]

Ok so tease that out. Metro doesn't exist in 4 years. There is an arena with events 220+ nights per year, many/most of them on weeknights.

Exactly how will people get there, given the location and lack of ability to expand any roads?

So given people won't attend, because it is so hard to get to, attendance (thus revenues from ticket sales) and concessions sales (due to lower attendance) do not meet the rosy projections that underpin the bonding for this project.

Guess who picks up the tab? The teams? No. Ted Leonsis? No. Glenn Youngkin? No.

It will be the taxpayers of Alexandria.

[Anonymous]

[Anonymous]

https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+SB718

My interpretation of the bill (linked above) is that it extends far beyond Alexandria and puts all Virginians on the hook for the $3B. The income taxes of any person affiliated with this project, regardless of where they reside in Virginia, would go toward payback of the $3B. For example, nearly all of the Capitals players and half of the Wizards players live in Arlington or Fairfax, and, as I interpret this bill, their income tax would go to the Stadium Authority.

[Anonymous]

Anonymous wrote:Ok so tease that out. Metro doesn't exist in 4 years. There is an arena with events 220+ nights per year, many/most of them on weeknights.

Exactly how will people get there, given the location and lack of ability to expand any roads?

So given people won't attend, because it is so hard to get to, attendance (thus revenues from ticket sales) and concessions sales (due to lower attendance) do not meet the rosy projections that underpin the bonding for this project.

Guess who picks up the tab? The teams? No. Ted Leonsis? No. Glenn Youngkin? No.

It will be the taxpayers of Alexandria.

They will cash out long before it's an issue.

[Anonymous]

Anonymous wrote:
It's cute that you think metro will be around in four years.

You don't really believe Metro will not be operating in four years, do you?

[Anonymous]

Sports franchise owners don't publish 5,000 word press releases justifying their arena boondoggle when said arena boondoggle is going according to plan. Ted clearly feels there isn't enough political support in Virginia (at the moment) for his arena boondoggle and is trying to gin up some grassroots support.

Ted clearly bit off more than he could chew. I have reduced my prediction for this arena boondoggle from 80% likely to happen to 60%. As someone mentioned on Twitter about the Metro station, it's going to cost a ton of money to upgrade the transportation infrastructure around the arena or else it's going to be traffic gridlock and Metro gridlock around DCA and the arena. The District's $500 million offer is looking more savvy by the day.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
It's cute that you think metro will be around in four years.

You don't really believe Metro will not be operating in four years, do you?

It might be operating but it will be under new ownership and mostly for tourists.

[Anonymous]

[quote=Anonymous
It might be operating but it will be under new ownership and mostly for tourists.

Keep dreaming

[Anonymous]

Anonymous wrote:Sports franchise owners don't publish 5,000 word press releases justifying their arena boondoggle when said arena boondoggle is going according to plan. Ted clearly feels there isn't enough political support in Virginia (at the moment) for his arena boondoggle and is trying to gin up some grassroots support.

Ted clearly bit off more than he could chew. I have reduced my prediction for this arena boondoggle from 80% likely to happen to 60%. As someone mentioned on Twitter about the Metro station, it's going to cost a ton of money to upgrade the transportation infrastructure around the arena or else it's going to be traffic gridlock and Metro gridlock around DCA and the arena. The District's $500 million offer is looking more savvy by the day.

You’re cute. Clueless but cute.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Sports franchise owners don't publish 5,000 word press releases justifying their arena boondoggle when said arena boondoggle is going according to plan. Ted clearly feels there isn't enough political support in Virginia (at the moment) for his arena boondoggle and is trying to gin up some grassroots support.

Ted clearly bit off more than he could chew. I have reduced my prediction for this arena boondoggle from 80% likely to happen to 60%. As someone mentioned on Twitter about the Metro station, it's going to cost a ton of money to upgrade the transportation infrastructure around the arena or else it's going to be traffic gridlock and Metro gridlock around DCA and the arena. The District's $500 million offer is looking more savvy by the day.

You’re cute. Clueless but cute.

Actually, I defer to others on cuteness but it is pretty accurate. And we all know that VA and NoVa have been strong supporters of public transportation over the last 30-40 years. [Not]