Virginia Governor, Glenn Youngkin, revealed exciting developments for the state in a recent interview. A newly proposed public-private partnership will unite the efforts of the Commonwealth of Virginia, Monumental Sports, and the city of Alexandria to create a $2 billion sports and entertainment district, unlike any seen in America.
This venture seeks to transform Virginia into the home base for two popular sports teams, the Washington Wizards and the Washington Capitals. Accompanying this will be the relocation of the Monumental headquarters to Virginia, establishing over 600 jobs.
The development plan includes a 6,000-seat concert venue, a convention center, hotels, mixed-use restaurants, and community space. The project is expecting to generate $12 billion in economic impact within the next few decades and create 30,000 jobs. The team strived to create an innovative financing model that did not involve upfront payments, returning substantial tax revenues.
Despite struggles on the political playing field, Governor Youngkin expressed his commitment to revitalizing the state economically through implementing common-sense conservative policies. He attributes the success of this new sports and entertainment district to these policies, claiming that they have been significantly benefitting states led by Republican governors.
Governor Youngkin also addressed concerns about crime associated with embarking on massive redevelopment projects. Bringing up the economic benefit of rebirth in areas of Washington D.C during the construction of the Verizon Center, he recognized the issue of crime in cities nationwide, before stating that his pledge upon taking office was to assure the safety of communities in Virginia.
As a final point, Governor Youngkin emphasized how attractive Virginia is becoming to large corporations, highlighting recent investments from Boeing, Raytheon, Lego, and Hilton. He sees this as an indication that the state is heading in the right direction, bringing and keeping businesses in Virginia, and creating positive changes. He extends an optimistic outlook towards the future collaboration between the public and private sectors to continue seamlessly delivering for Virginians.
