Reply to Wizards and Caps could be moving to Potomac Yard

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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.[/quote]

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??[/quote]
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.[/quote]

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.[/quote]
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.[/quote]
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.[/quote]

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