District to be Anchored by New Arena for
Washington Capitals and Washington Wizards
JBG SMITH (NYSE: JBGS), a leading owner and developer of
high-quality, mixed-use properties in the Washington, D.C., market,
announced today 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.
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“JBG SMITH is grateful for the opportunity to collaborate with
Monumental, Virginia Tech, Amazon, and the public sector in
cementing National Landing as a world-class mixed-use destination
powered by innovation, commerce, entertainment, and higher
education at the heart of economically vibrant Northern Virginia,”
said Matt Kelly, Chief Executive Officer of JBG SMITH. “The arrival
of this powerful entertainment and technology anchor to National
Landing is a dramatic game changer that will enhance resident,
employer, and visitor quality of life in the neighborhood for
decades to come.”
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.
In 2018, Amazon selected JBG SMITH and National Landing for its
second headquarters after conducting an extensive North American
search. In June of this year, Amazon unveiled its 2.1 million
square foot headquarters and has hired more than 8,000 employees to
date in the region.
In addition to its work with Amazon and Virginia Tech, JBG SMITH
has 1,583 multifamily units under construction, with 808 on track
to deliver in early 2024. JBG SMITH also expects to triple the
number of street level retailers serving National Landing by the
end of 2024, before the addition of new retail that would come
alongside the arena.
This fall, JBG SMITH unveiled 12 new dining destinations in
National Landing, including Water Park, a 1.6-acre dining
destination comprising 11 different food and drink concepts, and
Surreal, Seven Reason’s chef Enrique Limardo’s newest concept at
2117 Crystal Drive. These novel culinary experiences, set among
acres of greenery and enhanced walkable street life, deliver an
indoor/outdoor dining and entertainment experience that is unique
in the Washington Metro Area.
Project assets, including a site map and illustrative
renderings, can be found HERE, courtesy of JBG SMITH.
About JBG SMITH
JBG SMITH owns, operates, invests in, and develops mixed-use
properties in high growth and high barrier-to-entry submarkets in
and around Washington, DC. Through an intense focus on placemaking,
JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods
throughout the Washington, DC metropolitan area. Approximately
two-thirds of JBG SMITH's holdings are in the National Landing
submarket in Northern Virginia, which is anchored by four key
demand drivers: Amazon's new headquarters; Virginia Tech's
under-construction $1 billion Innovation Campus; the submarket’s
proximity to the Pentagon; and JBG SMITH’s deployment of
next-generation public and private 5G digital infrastructure. JBG
SMITH's dynamic portfolio currently comprises 14.7 million square
feet of high-growth office, multifamily, and retail assets at
share, 99% of which are Metro-served. It also maintains a
development pipeline encompassing 9.8 million square feet of
mixed-use, primarily multifamily, development opportunities. JBG
SMITH is committed to the operation and development of green,
smart, and healthy buildings and plans to maintain carbon neutral
operations annually. For more information on JBG SMITH please visit
www.jbgsmith.com.
Forward-Looking Statements
Certain statements contained herein may constitute
“forward-looking statements” as such term is defined in Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements are not guarantees of performance. They represent our
intentions, plans, expectations, and beliefs and are subject to
numerous assumptions, risks, and uncertainties. Consequently, the
future results of JBG SMITH Properties (“JBG SMITH” or the
“Company”) may differ materially from those expressed in these
forward-looking statements. You can find many of these statements
by looking for words such as “approximate”, “believes”, “expects”,
“anticipates”, “intends”, “plans”, “would”, “may”, or similar
expressions in this press release. We also note the following
forward-looking statements: final project scope and components;
estimated future development density; expected definitive
documentation and transaction terms between the parties; creation
of a Virginia sports and entertainment authority and other
legislative and governmental approvals; JBG SMITH’s serving as fee
developer for the project and its components; expected significant
infrastructure investments in and around the project site; whether
the project will catalyze surrounding development rights; whether
JBG SMITH’s multifamily units under construction will ultimately
deliver; whether the number of street-level retailers in National
Landing will triple by the end of 2024 or ever; and economic
impacts. Many of the factors that will determine the outcome of
these and our other forward-looking statements, entitlements, and
plans are beyond our ability to control or predict. These factors
include, among others: adverse economic conditions and the
political climate in the Washington, DC metropolitan area, the
timing of and costs associated with development and property
improvements, financing commitments, and general competitive
factors. For further discussion of factors that could materially
affect the outcome of our forward-looking statements and other
risks and uncertainties, see “Risk Factors” and the Cautionary
Statement Concerning Forward-Looking Statements in the Company's
Annual Report on Form 10-K for the year ended December 31, 2022 and
other periodic reports the Company files with the Securities and
Exchange Commission. For these statements, we claim the protection
of the safe harbor for forward looking statements contained in the
Private Securities Litigation Reform Act of 1995. You are cautioned
not to place undue reliance on our forward-looking statements. All
subsequent written and oral forward-looking statements attributable
to us or any person acting on our behalf are expressly qualified in
their entirety by the cautionary statements contained or referred
to in this section. We do not undertake any obligation to release
publicly any revisions to our forward-looking statements after the
date hereof.
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Media
Bud Perrone Rubenstein Managing Director
jbgsmith@rubenstein.com
Samantha Schmieder JBG SMITH Corporate Communications Manager
sschmieder@jbgsmith.com
Investor Relations
Kevin Connolly SVP, Portfolio Management & Investor
Relations kconnolly@jbgsmith.com
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