WASHINGTON — Monumental Sports and Entertainment CEO and founder Ted Leonsis announced plans for a massive entertainment campus in northern Virginia, the centerpiece of which would be a new home arena for the Washington Wizards and Washington Capitals.
In a press release Wednesday, Leonsis said the company has reached a framework agreement for a public-private partnership to create a world-class campus in Alexandria at Potomac Yard, pending legislative approval and completion of definitive documents. This would relocate the NHL’s Washington Capitals and the NBA’s Washington Wizards’ home arena to Virginia beginning in 2028, should the proposal become finalized.
Virginia's Major Employment and Investment (MEI) Project Approval Commission voted in favor of a proposal to outbid what the District government has offered Monumental, which has asked the D.C. government for $600 million for a major renovation.
“We are committed to providing world-class fan experiences while continuously evolving our teams, deepening community ties, and solidifying our role as leaders at the forefront of sports and technology,” said Leonsis in a press statement. “The opportunity to expand to this 70-acre site in Virginia, neighboring industry-leading innovators, and a great academic partner, would enable us to further our creativity and achieve next-generation, leading work – all while keeping our fans and the community at the forefront of everything we do.”
>Watch the full news conference below:
According to Monumental Sports, the entertainment district would feature a new global corporate headquarters for Monumental, a state of the art media studio for Monumental Sports Network, a performing arts venue and an expanded esports facility. The campus will also feature new retail, restaurants and other community gathering spaces.
Virginia Gov. Glenn Youngkin made the announcement with other leaders Wednesday.
"I'm not sure I could be more excited," the governor said. "We have unleashed a brighter and more extraordinary future."
The announcement comes after D.C. offered $500 million to updates the Wizards and Capitals new home, Capital One Arena. Wednesday, Monumental said it looks forward to those updates as well.
"Monumental’s goal would be to update Capital One Arena to serve as a unique, flexible arena that could host 10,000-20,000 people and continue to host world-class live entertainment spanning music, comedy, cultural and sports performances, including family-friendly entertainment, and collegiate competitions," Monumental said in a press release.
The vision for the coming decades includes:
- $12 billion economic impact for Virginia and Alexandria
- 30,000 direct and indirect jobs
- 9 million square foot entertainment district, including new hotels, retail, residential, restaurants, conference, and community gathering spaces
- 220+ events a year
Meanwhile, D.C. Mayor Muriel Bowser said she still thinks the District's deal is best, which would bring $500 million to Capitol One Arena over three years. The mayor said the Council could vote on whether to approve those funds as early as January if Monumental Sports decides to stay put.
Bowser also says her administration is launching a task force on the future of Gallery Place Chinatown.
