JBG SMITH announced that, subject to definitive documentation and applicable governmental approvals, it is partnering with Monumental Sports & Entertainment (MSE), the Commonwealth of Virginia, and the City of Alexandria to develop a mixed-use Entertainment District, totaling approximately 9 million square feet, anchored by a new arena for the Washington Wizards and Washington Capitals in the Potomac Yard section of National Landing. Along with the arena, the plans call for a global corporate headquarters for Monumental Sports & Entertainment, a Monumental Sports Network media studio, the Wizards practice facility, a performing arts venue, and an expanded esports facility ? all situated adjacent to the Virginia Tech Innovation Campus, the recently delivered Potomac Yard-VT Metro Station, and approximately 8.1 million square feet of future development opportunities.

The development plan calls for the arena to be constructed on a currently unoccupied 12-acre site situated between the Metro entrance and the first phase of the Virginia Tech Innovation Campus. The site is owned by JBG SMITH and its joint venture partner and will be sold to a proposed Virginia Sports and Entertainment Authority. JBG SMITH will serve as developer for the corporate MSE headquarters, arena, media studio, performing arts venue, and esports facility.

The planned project also calls for significant joint infrastructure investment by the Commonwealth, the City, Monumental, and JBG SMITH. JBG SMITH serves as the master developer of approximately 55 acres surrounding the project with a total potential density of approximately 8.1 million square feet, of which JBG SMITH owns approximately 1.5 million square feet of density. This potential development density is expected to be significantly catalyzed by Monumental?s expansion to Potomac Yard.

The development of this mixed-use Entertainment District in National Landing further builds upon JBG SMITH?s extensive effort to reimagine an area of Northern Virginia encompassing the interconnected neighborhoods of Potomac Yard, Crystal City, and Pentagon City just across the river from Washington, D.C. It adds an important entertainment component to a vibrant economy already driven by aerospace, technology, government, and higher education.