The D.C. Council is poised to vote on a bill aiming to invest over $500 million in upgrading the Capital One Arena, with the goal of retaining the Washington Wizards and Washington Capitals in the District until 2050.
Council Chair Phil Mendelson anticipates the bill’s approval.
The proposed legislation allocates $515 million from D.C.’s capital budget for arena renovations and enhancements to the surrounding area, including the adjacent Gallery Place building.
Monumental Sports & Entertainment, the owner of the Wizards and Capitals, outlines key aspects of the deal:
- Improving fan experience with better sightlines, premium hospitality options, upgraded digital infrastructure, and enhanced player facilities.
- Adding nearly 200,000 square feet of new space within the arena and Gallery Place building.
- Providing dedicated safety personnel before and after games.
- Establishing a new Wizards practice facility, potentially on the upper floors of Gallery Place.
- Allowing for additional games and playoff events, along with Monumental’s control of Entertainment & Sports Arena management.
- Introducing a designated ride-share area and event drop-off zone.
- Permitting the closure of F Street before games and creating an Entertainment District by lifting vending, loitering, and noise restrictions around Capital One Arena.
Mendelson clarifies that the council’s vote concerns the appropriation of funds and not the finalization of the renovation project’s terms.
The resolution notes that over 3.4 million people attended events at Capital One Arena in 2023, generating over $25 million in tax revenue and supporting over 650 jobs.
Despite D.C.’s $515 million commitment, the total renovation cost is projected to surpass $830 million.
The resolution emphasizes the project’s potential to rejuvenate the Chinatown/Gallery Place neighborhood, generate new jobs, and promote community and fan involvement.
This agreement follows the collapse of a deal between Monumental Sports CEO Ted Leonsis and Virginia Governor Glenn Youngkin to relocate the teams to a new arena in Alexandria, due to opposition in the Virginia General Assembly.
