It looks like the D.C. Council definitely want to keep the Washington Capitals and the Washington Wizards downtown.
On Tuesday, after the first reading of the Downtown Arena Revitalization Act of 2024, council members unanimously voted to approve the bill — minus Vincent Gray, who recently announced he has dementia and will no longer vote before the council.
The deal with Monumental Sports and Entertainment would see D.C. offer up about $515 million to buy and renovate the arena, with the ownership group putting up the remaining cash to complete the $800 million project.
It would also keep the Capitals and the Wizards in D.C. through 2050, with an option to extend the lease to 2070.
Ward 2 Council member Brooke Pinto said the agreement would ensure “Capital One Arena can be the true anchor of downtown, drawing fans, residents, visitors and new businesses to a neighborhood that is really brimming with opportunity.
“I think this is a project that we should all be proud of, and I’ll continue to ensure residents voices are heard and amplified, particularly those who live around the arena who will be impacted.”
Ward 6 Council member Charles Allen called the project an investment in the District’s future and the right step to take.
“We also know making an investment like this has got to be about a lot more than just a winning season or a popular player on the court or on the field. That can’t be why we do it,” Allen said.
“I think the deal that we have in front of us, though, makes a lot of sense.”
Council Chairman Phil Mendelson said the undertaking “is not like other construction projects, where the street is torn up and it’s difficult for folks to get to businesses.”
“This is not at all what’s happening. Rather, the arena tracks, as I said earlier, about 20,000 people, or up to 20,000 people per event, but there will be no events during the summer,”he said.
“And that’s what the impact is, is that all of that spin off business is not going to spin off during the summer, when the arena is closed and being operated on.”
The council held a public meeting on Nov. 14. The plan saw major support from residents.
Mayor Muriel Bowser said the project is expected to create 4,900 construction jobs and bring in $21 million in new tax revenue for D.C. over the three years it’ll take to complete.
The council’s next legislative meeting is slated for Dec. 3.
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