After a unanimous vote, the D.C. Council approved a massive deal that aims to keep the Washington Capitals and Wizards sports teams in the city for decades.
It comes almost exactly a year after the teams nearly moved across the Potomac. Virginia Gov. Glenn Youngkin ultimately was not able to gather enough support in the Virginia General Assembly to finalize a deal.
As part of the deal, the city will dedicate more than $500 million in public funds for a renovation to Capital One Arena.
The District will buy the venue from Ted Leonsis, the owner of both sports teams, and lease it back to his company, Monumental Sports & Entertainment; keeping the teams in the city until at least 2050.
According to D.C. Mayor Muriel Bowser, the total direct public and private investment in construction will be $800 million.
“The renovation and modernization of the Capital One Arena represents a major commitment and investment by both the District and Monumental Sports and Entertainment in Downtown D.C.,” Bowser said in an Oct. 18 letter to council Chairman Phil Mendelson.
According to Bowser, the project is expected to result in 4,900 construction jobs and $21 million in new tax revenue during construction, which will last for about three years.
“The surrounding neighborhood will also benefit directly from a modernized building exterior, new entrances and improved public realm that are worthy of the vision set for the future of downtown D.C.,” Bowser said.
In a previous interview with WTOP, Leonsis said upgrades to the arena would also include better premium dining, new technology and suites.
“We have the opportunity to build a little bit higher on our building, and we have some work to do on some of the streets around the building, so we’re working with architects and designers,” Leonsis said, adding that he wants the area to look “new and exciting and modern.”
Get breaking news and daily headlines delivered to your email inbox by signing up here.
© 2024 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.
