Wizards and Caps could be moving to Potomac Yard

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Unfortunately or fortunately, this is basically a done deal. State legislative members outside this area will not go on record as opposing the first proposal to bring professional sports teams to Virginia, particularly when the members of the district support it. The average voter in Virginia doesn’t care that the deal might force the State to raise income taxes in 15-20 years.

There’s no question that this proposal will benefit Alexandria economically, and in a major way. It might well be a boondoggle for the rest of Virginia, and it will divert investment and revenues from Arlington County and Fairfax County to Alexandria, but most members of the state legislature don’t care about that.

Who cares about a professional sports team in 2024?

The tax bill will come due in about 4 years. The thing is supposed to be up and running in a couple years, it will be a failure in year 3 and then the money will have to be paid back and there won’t be enough revenue.

And no way it will benefit Alexandria economically. The fundamentals simply don’t bear that assertion out.

You a lobbyist for monumental??

The stadium complex itself will have little or any economic benefit because all the tax revenues associated with that 12-acre site will go towards paying off the stadium authority debt. However, the stadium complex is only a small piece of the larger 70 acre development area. The 70–acre site is projected to ultimately include more than 9 million square feet of mixed use and residential with more than $10 billion in investment that would otherwise be directed to DC, Arlington, or Fairfax. That will make it roughly THREE TIMES the size of the Wharf development in SW DC. Alexandria will get to retain the tax revenues associated with the 58 non-stadium acres.

They could do all that without the arena and save the creation of a new bonding authority and the liability to virginia taxpayers. The underlying zoning already exists and the plans had already been approved. Adding the arena and music venue ara a net drag. If is is such a great deal, then Ted should pay for it and finance it through banks himself.

They could do it without the stadium complex but they won’t. Or at least, that’s what the principal owner of the area (i.e., the real estate developer) has said. Are they lying? Maybe, maybe not. The one thing we do know is that they will pursue development of the remaining 58 acres if the stadium complex moves forward.

For all those arguing that this development could or will occur without the stadium complex, I think it’s important to understand that owner of this land is JBG Smith, the largest real estate investment firm in the DMV. They own highly desirable and developable property throughout the DMV. Where and when they pursue development is a matter of priorities; they pursue opportunities for maximum return with the least amount of risk. They have said they’d prioritize Potomac Yard for development if the stadium proposal is approved, wirh Virginia, Alexandra, and the teams committing billions. And they’ve said that, if the proposal is not approved, they will prioritize projects in other areas of the DMV.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Unfortunately or fortunately, this is basically a done deal. State legislative members outside this area will not go on record as opposing the first proposal to bring professional sports teams to Virginia, particularly when the members of the district support it. The average voter in Virginia doesn’t care that the deal might force the State to raise income taxes in 15-20 years.

There’s no question that this proposal will benefit Alexandria economically, and in a major way. It might well be a boondoggle for the rest of Virginia, and it will divert investment and revenues from Arlington County and Fairfax County to Alexandria, but most members of the state legislature don’t care about that.

Who cares about a professional sports team in 2024?

The tax bill will come due in about 4 years. The thing is supposed to be up and running in a couple years, it will be a failure in year 3 and then the money will have to be paid back and there won’t be enough revenue.

And no way it will benefit Alexandria economically. The fundamentals simply don’t bear that assertion out.

You a lobbyist for monumental??

The stadium complex itself will have little or any economic benefit because all the tax revenues associated with that 12-acre site will go towards paying off the stadium authority debt. However, the stadium complex is only a small piece of the larger 70 acre development area. The 70–acre site is projected to ultimately include more than 9 million square feet of mixed use and residential with more than $10 billion in investment that would otherwise be directed to DC, Arlington, or Fairfax. That will make it roughly THREE TIMES the size of the Wharf development in SW DC. Alexandria will get to retain the tax revenues associated with the 58 non-stadium acres.

They could do all that without the arena and save the creation of a new bonding authority and the liability to virginia taxpayers. The underlying zoning already exists and the plans had already been approved. Adding the arena and music venue ara a net drag. If is is such a great deal, then Ted should pay for it and finance it through banks himself.

They could do it without the stadium complex but they won’t. Or at least, that’s what the principal owner of the area (i.e., the real estate developer) has said. Are they lying? Maybe, maybe not. The one thing we do know is that they will pursue development of the remaining 58 acres if the stadium complex moves forward.

For all those arguing that this development could or will occur without the stadium complex, I think it’s important to understand that owner of this land is JBG Smith, the largest real estate investment firm in the DMV. They own highly desirable and developable property throughout the DMV. Where and when they pursue development is a matter of priorities; they pursue opportunities for maximum return with the least amount of risk. They have said they’d prioritize Potomac Yard for development if the stadium proposal is approved, wirh Virginia, Alexandra, and the teams committing billions. And they’ve said that, if the proposal is not approved, they will prioritize projects in other areas of the DMV.

Good. Let them take their business elsewhere. This project will be a big risk for them.

However, as a Virginia taxpayer, I don’t want to subsidize their business anywhere in the commonwealth. Commercial real estate is a bad proposition right now and the demand for retail/entertainment is sinking too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Unfortunately or fortunately, this is basically a done deal. State legislative members outside this area will not go on record as opposing the first proposal to bring professional sports teams to Virginia, particularly when the members of the district support it. The average voter in Virginia doesn’t care that the deal might force the State to raise income taxes in 15-20 years.

There’s no question that this proposal will benefit Alexandria economically, and in a major way. It might well be a boondoggle for the rest of Virginia, and it will divert investment and revenues from Arlington County and Fairfax County to Alexandria, but most members of the state legislature don’t care about that.

Who cares about a professional sports team in 2024?

The tax bill will come due in about 4 years. The thing is supposed to be up and running in a couple years, it will be a failure in year 3 and then the money will have to be paid back and there won’t be enough revenue.

And no way it will benefit Alexandria economically. The fundamentals simply don’t bear that assertion out.

You a lobbyist for monumental??

The stadium complex itself will have little or any economic benefit because all the tax revenues associated with that 12-acre site will go towards paying off the stadium authority debt. However, the stadium complex is only a small piece of the larger 70 acre development area. The 70–acre site is projected to ultimately include more than 9 million square feet of mixed use and residential with more than $10 billion in investment that would otherwise be directed to DC, Arlington, or Fairfax. That will make it roughly THREE TIMES the size of the Wharf development in SW DC. Alexandria will get to retain the tax revenues associated with the 58 non-stadium acres.

They could do all that without the arena and save the creation of a new bonding authority and the liability to virginia taxpayers. The underlying zoning already exists and the plans had already been approved. Adding the arena and music venue ara a net drag. If is is such a great deal, then Ted should pay for it and finance it through banks himself.

They could do it without the stadium complex but they won’t. Or at least, that’s what the principal owner of the area (i.e., the real estate developer) has said. Are they lying? Maybe, maybe not. The one thing we do know is that they will pursue development of the remaining 58 acres if the stadium complex moves forward.

For all those arguing that this development could or will occur without the stadium complex, I think it’s important to understand that owner of this land is JBG Smith, the largest real estate investment firm in the DMV. They own highly desirable and developable property throughout the DMV. Where and when they pursue development is a matter of priorities; they pursue opportunities for maximum return with the least amount of risk. They have said they’d prioritize Potomac Yard for development if the stadium proposal is approved, wirh Virginia, Alexandra, and the teams committing billions. And they’ve said that, if the proposal is not approved, they will prioritize projects in other areas of the DMV.

And yet, they still own the land and will develop it someday. The plans already approved provide more consistent jobs and state income from the new residents who would live there all without any liability to Virginia taxpayers.

[Anonymous]

Does the economic impact study being used by Alexandria include any line-item on the decrease in property values (and property tax receipts) that will occur when the Del Ray neighborhood becomes gridlocked with cut-through cars every night from 5 to 8pm?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Unfortunately or fortunately, this is basically a done deal. State legislative members outside this area will not go on record as opposing the first proposal to bring professional sports teams to Virginia, particularly when the members of the district support it. The average voter in Virginia doesn’t care that the deal might force the State to raise income taxes in 15-20 years.

There’s no question that this proposal will benefit Alexandria economically, and in a major way. It might well be a boondoggle for the rest of Virginia, and it will divert investment and revenues from Arlington County and Fairfax County to Alexandria, but most members of the state legislature don’t care about that.

Who cares about a professional sports team in 2024?

The tax bill will come due in about 4 years. The thing is supposed to be up and running in a couple years, it will be a failure in year 3 and then the money will have to be paid back and there won’t be enough revenue.

And no way it will benefit Alexandria economically. The fundamentals simply don’t bear that assertion out.

You a lobbyist for monumental??

The stadium complex itself will have little or any economic benefit because all the tax revenues associated with that 12-acre site will go towards paying off the stadium authority debt. However, the stadium complex is only a small piece of the larger 70 acre development area. The 70–acre site is projected to ultimately include more than 9 million square feet of mixed use and residential with more than $10 billion in investment that would otherwise be directed to DC, Arlington, or Fairfax. That will make it roughly THREE TIMES the size of the Wharf development in SW DC. Alexandria will get to retain the tax revenues associated with the 58 non-stadium acres.

They could do all that without the arena and save the creation of a new bonding authority and the liability to virginia taxpayers. The underlying zoning already exists and the plans had already been approved. Adding the arena and music venue ara a net drag. If is is such a great deal, then Ted should pay for it and finance it through banks himself.

They could do it without the stadium complex but they won’t. Or at least, that’s what the principal owner of the area (i.e., the real estate developer) has said. Are they lying? Maybe, maybe not. The one thing we do know is that they will pursue development of the remaining 58 acres if the stadium complex moves forward.

For all those arguing that this development could or will occur without the stadium complex, I think it’s important to understand that owner of this land is JBG Smith, the largest real estate investment firm in the DMV. They own highly desirable and developable property throughout the DMV. Where and when they pursue development is a matter of priorities; they pursue opportunities for maximum return with the least amount of risk. They have said they’d prioritize Potomac Yard for development if the stadium proposal is approved, wirh Virginia, Alexandra, and the teams committing billions. And they’ve said that, if the proposal is not approved, they will prioritize projects in other areas of the DMV.

What the downside to locals if it doesn't happen? The rest of Potomac Yards is being developed. The Target and Barnes and Noble are both popular. The land JBG owns is being taxed. Why should anyone care that a project that will leave the tax payers on the hook for billions with traffic as the major beneficiary doesn't happen?

[Anonymous]

Anonymous wrote:Does the economic impact study being used by Alexandria include any line-item on the decrease in property values (and property tax receipts) that will occur when the Del Ray neighborhood becomes gridlocked with cut-through cars every night from 5 to 8pm?

It’s ok to say you dislike increased road congestion and density, but just say it.

Arena districts don’t depress property values. It’s the opposite.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Does the economic impact study being used by Alexandria include any line-item on the decrease in property values (and property tax receipts) that will occur when the Del Ray neighborhood becomes gridlocked with cut-through cars every night from 5 to 8pm?

It’s ok to say you dislike increased road congestion and density, but just say it.

Arena districts don’t depress property values. It’s the opposite.

Latter point is BS. Living across the street (or even next to your neighborhood school) is less desirable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Unfortunately or fortunately, this is basically a done deal. State legislative members outside this area will not go on record as opposing the first proposal to bring professional sports teams to Virginia, particularly when the members of the district support it. The average voter in Virginia doesn’t care that the deal might force the State to raise income taxes in 15-20 years.

There’s no question that this proposal will benefit Alexandria economically, and in a major way. It might well be a boondoggle for the rest of Virginia, and it will divert investment and revenues from Arlington County and Fairfax County to Alexandria, but most members of the state legislature don’t care about that.

Who cares about a professional sports team in 2024?

The tax bill will come due in about 4 years. The thing is supposed to be up and running in a couple years, it will be a failure in year 3 and then the money will have to be paid back and there won’t be enough revenue.

And no way it will benefit Alexandria economically. The fundamentals simply don’t bear that assertion out.

You a lobbyist for monumental??

The stadium complex itself will have little or any economic benefit because all the tax revenues associated with that 12-acre site will go towards paying off the stadium authority debt. However, the stadium complex is only a small piece of the larger 70 acre development area. The 70–acre site is projected to ultimately include more than 9 million square feet of mixed use and residential with more than $10 billion in investment that would otherwise be directed to DC, Arlington, or Fairfax. That will make it roughly THREE TIMES the size of the Wharf development in SW DC. Alexandria will get to retain the tax revenues associated with the 58 non-stadium acres.

They could do all that without the arena and save the creation of a new bonding authority and the liability to virginia taxpayers. The underlying zoning already exists and the plans had already been approved. Adding the arena and music venue ara a net drag. If is is such a great deal, then Ted should pay for it and finance it through banks himself.

They could do it without the stadium complex but they won’t. Or at least, that’s what the principal owner of the area (i.e., the real estate developer) has said. Are they lying? Maybe, maybe not. The one thing we do know is that they will pursue development of the remaining 58 acres if the stadium complex moves forward.

For all those arguing that this development could or will occur without the stadium complex, I think it’s important to understand that owner of this land is JBG Smith, the largest real estate investment firm in the DMV. They own highly desirable and developable property throughout the DMV. Where and when they pursue development is a matter of priorities; they pursue opportunities for maximum return with the least amount of risk. They have said they’d prioritize Potomac Yard for development if the stadium proposal is approved, wirh Virginia, Alexandra, and the teams committing billions. And they’ve said that, if the proposal is not approved, they will prioritize projects in other areas of the DMV.

Wow. So, JBG is threatening to take its business elsewhere and not develop a piece of land they own. Let them!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Does the economic impact study being used by Alexandria include any line-item on the decrease in property values (and property tax receipts) that will occur when the Del Ray neighborhood becomes gridlocked with cut-through cars every night from 5 to 8pm?

It’s ok to say you dislike increased road congestion and density, but just say it.

Arena districts don’t depress property values. It’s the opposite.

Latter point is BS. Living across the street (or even next to your neighborhood school) is less desirable.

There won’t be anyone living across the street. But the current stadiums in DC (Nats and Caps/Wizards) increased property values in the surrounding neighborhoods by 25% to 100% within three years, despite the fact the vehicular traffic became a serious annoyance to residents.

[Anonymous]

https://twitter.com/senlouiselucas/status/1765555820584894754?s=46

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Does the economic impact study being used by Alexandria include any line-item on the decrease in property values (and property tax receipts) that will occur when the Del Ray neighborhood becomes gridlocked with cut-through cars every night from 5 to 8pm?

It’s ok to say you dislike increased road congestion and density, but just say it.

Arena districts don’t depress property values. It’s the opposite.

Latter point is BS. Living across the street (or even next to your neighborhood school) is less desirable.

There won’t be anyone living across the street. But the current stadiums in DC (Nats and Caps/Wizards) increased property values in the surrounding neighborhoods by 25% to 100% within three years, despite the fact the vehicular traffic became a serious annoyance to residents.

There aren't really many residents in the Gallery Place area and when Nats Park was built, there were zero residents in that neighborhood, at least east of South Capitol Street. So anyone moving there knew what they were getting. Besides, most fans for both venues take the metro, not drive.

[Anonymous]

It's done. Not happening.

[Anonymous]

Brutal lol

[Anonymous]

Sheeeeeiiiitttt 💀

[Anonymous]

I love Sen Lucas.