Monumental Sports & Entertainment, which owns DC's Washington Wizards and Washington Capitals, and Virginia Gov. Glenn Youngkin have struck a tentative deal in which the team will leave their DC home and move to a proposed entertainment district in Northern Virginia. The $2 billion district still needs approval from the state legislature but in anticipation of the funding JBG SMITH has been chosen as the master developer of the nine-million-square foot district.

It will be 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. They will be  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 CEO Matt Kelly called the district "a dramatic game changer" for the neighborhood.