BETHESDA, Md.--(BUSINESS WIRE)--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.
“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.
