The NHL’s Washington Capitals and NBA’s Washington Wizards are scheduled to move to Alexandria, Virginia, as part of a $2 billion entertainment complex effort, Gov. Glenn Youngkin announced Wednesday.

The development, about 8 miles south of Washington, D.C., will house the new global headquarters for Monumental Sports and Entertainment, which owns the Capitals and Wizards, as well as the new home arena for the teams. The 9 million-square-foot district will also feature mixed-use retail, hotel and conference spaces.

“This is the most visionary sports and entertainment development in the world. The Commonwealth will now be home to two professional sports teams, a new corporate headquarters, and over 30,000 new jobs — this is monumental,” Youngkin said in a statement. 

Construction on the complex is set to begin in 2025 and open in late 2028.

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The development is subject to legislative approval, the statement noted. Legislators will have to greenlight the creation of the complex in the next Virginia General Assembly session.

The $2 billion investment will come from bond sales as well as a $403 million contribution from Monumental Sports & Entertainment.

“We are committed to providing world-class fan experiences while continuously evolving our teams, deepening community ties, and solidifying our role as leaders at the forefront of sports and technology,” said Monumental chairman and CEO Ted Leonsis in a separate statement.