The recent news confirming the move of the Wizards and Capitals (Monumental Sports) to Alexandria has caused quite a stir in the Alexandria and DC Metro area community. While it’s still early days, the excitement and apprehension are palpable. This development not only holds significance for local sports enthusiasts but also has the potential to impact local real estate, the economy, and our lifestyle in various ways. Here’s a rundown of what we know so far.
If approved, the move will bring more than just a new arena for the NHL and NBA teams. It will also include a new world headquarters for Monumental Sports, a state-of-the-art media studio, a Wizards practice facility, a performing arts venue, and an expanded esports facility. While the development has been officially announced, it still requires approval from the Alexandria government. As with any project, there are pros and cons to the teams moving to our area.
On the negative side, there’s the concern of significantly more traffic on the main routes into DC and to the airport from Alexandria. On the flip side, it means more convenient access to sporting events, concerts, and the arts. It also likely means increased home values for Alexandria residents, more patronage for area businesses, and a significant influx of tax money to the city, which will likely be used for improving local schools and infrastructure.
Regardless of your take on whether this is a good or bad thing for our area, it’s a win for home values. Here’s what we predict if the deal is approved:
- Investors will be on the lookout for opportunities to buy up property before the 2028 opening of the center.
- Current residents wanting a quieter environment may look to sell now, opening up inventory to move further away from the new development.
- Some residents moving away may decide to keep and rent their properties to capitalize on the projected rise in home values, further worsening our inventory shortage.
- People considering moving into the area in the next few years may accelerate their timeline to beat the projected rise in home values, creating more competition.
- Alexandria will continue to be a popular destination for people moving into the area from other parts of the country and will become even more well-known as a destination.
- Alexandria may become even more appealing for those moving out of DC looking for a more suburban lifestyle but with walkability to shopping and restaurants.
- The combination of this project with HQ2 and the Virginia Tech Innovation Campus makes the area a hot new destination, which is always good for neighboring home values.
We’re eagerly awaiting more information on what amenities the project will include, in addition to what will be done to mitigate traffic in the area and how the influx of tax dollars will be allocated to help the existing community. But if the deal goes through, it means bringing yet another business hub to our area and our home values here in the City of Alexandria are going to continue to rise.
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Photo mock-up from JBG SMITH via ABC 7 WJLA