Potential of Alexandrias Potomac Yard Entertainment District: An Opportunity for 30,000 Jobs

Last Updated on December 25, 2023 by Robert C. Hoopes

New Economic Study Shows Potential Economic Boost from Potomac Yard Arena Project

A newly released economic study has shed light on the proposed plan to develop an entertainment district in Alexandria’s Potomac Yard, which could potentially become the new home of the Capitals and Wizards. The study, commissioned by the Alexandria Economic Development Partnership, provides valuable insights into the impact this development could have on the local economy.

According to the study, the proposed entertainment district has the potential to generate nearly 30,000 permanent jobs and bring in approximately $8 billion in revenue for the Commonwealth. The report indicates that this project could be a major catalyst for economic growth and job creation in the area.

However, the new arena for the Capitals and Wizards comes with a hefty price tag of $1.35 billion, which would be funded through state-issued bonds. The study suggests that the additional revenue generated by businesses operating within the arena district would help offset these costs and eventually pay off the bonds.

Furthermore, the analysis projects that the entertainment district would generate approximately 2.5 times the economic output compared to what would otherwise be developed based on current plans. This reiterates the potential economic benefits of this ambitious project.

The study primarily focused on comparing two potential development scenarios and sought to quantify the difference in their respective impacts. It provides a comprehensive overview of the potential economic advantages that could be gained by proceeding with the Potomac Yard arena project.

Interestingly, the report was made public on a Saturday night during a long holiday weekend. This timing has raised some eyebrows, leading to speculation about the motivations behind the release.

It is worth noting that the taxes generated by the project would greatly benefit the state of Virginia. These taxes include income tax from employment opportunities on site, revenue generated by visiting and home team players, income from visiting performers, new business activity, and hotel taxes. The study predicts that these taxes would help boost Virginia’s tax revenue significantly.

The final stage of the project is set to be completed in 2036. With the potential for significant economic growth, job creation, and increased tax revenue, the Potomac Yard arena project could prove to be a game-changer for the region. As the development progresses, it will be interesting to monitor its impact on the local economy and the community as a whole.