JBG SMITH Releases Statement on Potomac Yard Entertainment District Proposal - Seite 2

Beyond the arena, state and local governments will lose needed tax revenue, economic development credibility, and what could have been Virginia’s last best chance to land a professional sports franchise for at least a generation. Economic development and growth thrive on transparency and predictability. The scheming and special interests that plagued this opportunity in the Virginia legislature will no doubt cause future employers and the next Monumental to question whether their opportunity will get a fair hearing.

This opportunity also brought with it the potential to add tens of thousands of jobs and needed housing units, including 1,000 units of affordable housing preservation in Alexandria which we had pledged as part of the arena proposal. Traffic and transportation investments, including possible Metro funding, are also likely gone. Instead, the existing surface-parked, single story shopping center on the site will remain through the remaining 20-year term of the Target lease and development on the remaining land will likely be far less dense. To say we are disappointed is an understatement; we are disgusted with the back-room-dealing and opaque scheming that took place as this played out.

With this chapter now closed, we will continue to pursue alternate uses and amenities to further develop our sites adjacent to the Virginia Tech Innovation Campus. We will also continue to work tirelessly to attract business and customers to the Commonwealth of Virginia and the local communities in which we invest, and most importantly we will always conduct ourselves in a manner in which we and our stakeholders can be proud. We thank you for your continued trust and confidence.

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, most notably National Landing. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, DC metropolitan area. Approximately 75.0% 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 5G digital infrastructure. JBG SMITH's dynamic portfolio currently comprises 14.2 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 8.8 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.