Plans to build a new arena in Alexandria as part of a $2B, 9M SF sports and entertainment complex suffered a major setback on Thursday when a budget compromise in the state legislature did not include the project.
Gov. Glenn Youngkin and Ted Leonsis, owner of Washington DC's NBA and NHL franchises, announced in December that the Wizards and Capitals would be moving across the river from DC's downtown Capital One Arena to a new sports venue in Alexandria's Potomac Yards area.
Language that would have created a sports and entertainment authority with the power to issue bonds for the arena development has been stripped out of a budget plan for the upcoming fiscal year by negotiators for the two chambers of the legislature, the Washington Post reported.
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