Capital One Arena rehab to advance as new details unveiled
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First look: An expanded new main entry on F Street. Rendering: Courtesy of Monumental Sports & Entertainment
Six months since a deal was struck to keep the Capitals and Wizards in D.C., the modernization of Capital One Arena is now set to advance, with the city purchasing the venue and funding upgrades to be completed by the 2027-28 season.
Why it matters: The project — including a 200,000-square-foot expansion into Gallery Place next door — will keep the teams in the District through at least 2050 and inject hope into downtown as it continues to recover from the pandemic.
Driving the news: Monumental Sports & Entertainment and Mayor Muriel Bowser announced the final agreement on Monday. The legislation was submitted to the D.C. Council over the weekend.
- "Our vision for a wholly re-imagined sports and entertainment destination will be ambitious ... designed to 'wow' our most ardent supporters as well as casual fans," Ted Leonsis, founder of Monumental Sports, said in a statement.
What to expect: Beyond a new fan entrance, there will be new concourses and food halls, and 30% more restrooms to reduce lines, Leonsis told reporters at a press event Monday.
- Athlete space will grow by 60% with upgraded locker rooms, player areas and lounges — an effort to keep up with spiffier arenas in the NBA and NHL and draw top talent.
- Restaurant streateries on 6th Street NW are staying. Monumental initially wanted D.C. to close the outdoor dining spaces because of loading dock concerns, but officials said a compromise was reached with the restaurant.
The intrigue: The search for a new Wizards practice facility in the District continues after hopes of squeezing it into the expanded arena didn't pan out, Leonsis said.
Between the lines: D.C. purchasing the property ensures the city's public investment is not subject to taxes that Monumental would have otherwise had to pay back to D.C.
- The tax bill would have been "hundreds of millions of dollars," two officials involved in the negotiations said at the press event.
- Monumental will continue to operate and manage the arena. D.C.'s total investment is $515 million, which includes $87 million toward the arena purchase price.
- Monumental is committing at least $285 million and has "taken on responsibility for any cost overruns," Leonsis wrote.
Zoom in: Monumental Sports agreed to launch a new initiative called "District of Play" — helping to expand local youth sports programs and refurbish community sports venues.
- Over the lease's first four years, Monumental would renovate one indoor and two outdoor basketball courts annually and build a "new street hockey rink/multiuse sports" facility.
- It also agreed to fund the construction of one playground in each city ward over the next eight years.
The fine print: D.C. will help with street closures and traffic management, and provide "additional police resources" on event days, per a review of the legislation by the District's CFO.
Flashback: In a moment of D.C. heartbreak, Leonsis last December announced intentions to move to Alexandria — all for it to fizzle out in the Virginia legislature.
What's next: If approved by the D.C. Council, which is likely to happen by year-end, $171 million of D.C.'s investment would be disbursed. The rest would be spent evenly over the next two years.
- Leonsis says the first phase of construction will begin "immediately upon passage" of the bill.
Editor's note: This story has been updated to add new details about the deal.