WASHINGTON D.C., DC — A monumental pivot means Capital One Arena and the Washington Wizards and Capitals will stay in the District until 2050. Monumental signed a deal with the city for $515 million over three years.
According to the Chief Financial Officer, Mayor Muriel Bowser will transmit her FY2025 budget to the DC Council on April 3. Although the mayor missed the March deadline to submit, she has already warned us it will be a tight budget and there will be cuts. But you cannot blame the Monumental deal for it, that is because the money is coming from the capital budget which funds city buildings. It is a separate fund from the operating budget which pays for things like schools and city services.
“This is money we can only use for buildings,” explained Councilmember At-large Robert White. “This building [Capital One Arena] in itself brings in about $60 Million in revenue and more in the future so this is an investment in the city the things we want to pay for we got to get that money from someone this is going to help us produce more money.”
The three-year $515 million will be funded through “obligation bonds” which are typically used to fund large projects. The bonds will be paid back through resident and business taxes and are due in 20-30 years.
But the mayor had to put more than money on the table to keep the Washington Wizards and Capitals. A mayoral spokesperson said they are still working to finalize the details, but according to Monumental the deal includes:
- An extra 200,000 square feet of space by absorbing the nearby Gallery Place building
- A new Wizards practice facility
- Seventeen dedicated police officers two hours before and two hours after games
- Ability to close off F Street two hours before a game
- An area for ride-share drivers
“We’re going to see spill-over activity in the streets, an entertainment district, more seating inside and more ways to see the game and engage with the team,” said White.
While White described the deal as a win, it may be a loss for a nearby restaurant. As part of the deal, Monumental asked to have the streatery at 6th and G Streets, NW removed. The 25-seat outdoor seating belonging to ramen shop Daikaya and its nearby sister restaurant is located directly across from the loading dock. According to Monumental, removing it would lead to “more effective operations.”
“If this strip wasn’t out here, we wouldn’t be able to go because it’s so small in there,” said Patrick Brown who was eating outdoors Thursday afternoon.
“From the city’s point of view, they’re obviously going to make more money off this,” said Austin Middleton as he pointed to the arena, “than this (the restaurant), but I don’t know why they’re not mutually exclusive.”
WUSA9 reached out to restaurant management for comment but did not hear back. The DC Council will vote on the Monumental deal in an emergency on April 2.
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