Virginia Gov. Glenn Youngkin says the Alexandria arena project is based on sound financial assumptions and would generate enough revenue to pay off debt.
Washington Wizards and Capitals owner Ted Leonsis and Virginia Gov. Glenn Youngkin at the announcement of the proposed arena in Alexandria on Dec. 13. A plan to build a sports arena in Northern Virginia depends on more than a billion dollars in taxes and fees generated at the facility to fund its construction — but those figures rely onthe Washington Capitals and Wizards to Alexandria have pitched it as a once-in-a-lifetime opportunity with a unique financing structure: Virginia would borrow $1.
for parking fees, hotel rates and the number of events, has been “exhaustively tested.” Even if the arena hostedMartinez pointed to a separate, rosier review of the revenue projections.
Virginia’s $2.2 billion proposal would move the teams next to the new Potomac Yard Metro station. The facility would also include a separate performing arts venue, underground parking, a Wizards practice facility and Monumental’s corporate offices and media studio.on trying to keep the teams. In December, they announced an 11th-hour bid of $500 million for upgrades to Capital One Arena.
report and a “sensitivity analysis” conducted by the bank JPMorgan Chase, which has also been contracted by the governor’s office.and said in a statement that she had been “continually frustrated with the Youngkin Administration and their lack of forthcomingness.” The General Assembly last week dealt a major blow to the project’s chances of moving forward by
— “an iconic venue in the nation’s largest market” — hosted that many last year, according to MuniCap. Many visiting athletes or performers who come to D.C. for Capital One Arena stay at the Four Seasons in Georgetown, which often charges more than $1,000 a night. Bellisario said that the hotels’ success would depend on a number of factors but that such projections should consider what other hotels are likely to be built and whether the region will face a recession in coming years. “The underwriting on the surface appears aggressive,” he said.
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