Located a few miles from Capital One Arena, the campus would serve as a world-class Entertainment District featuring a new Capitals and Wizards arena for the region and Monumental Sports’ new global business headquarters.
Project scheduled to be completed by end of 2028
WASHINGTON, Dec. 13, 2023 /PRNewswire/ — Today, Monumental Sports & Entertainment’s Founder, Chairman, Principal Partner, and CEO, Ted Leonsis, announced the company has reached a framework of an agreement for a public-private partnership to create a world-class Entertainment District 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.
“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. “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.”
This world-class Entertainment District is expected to serve as a catalyst to create exceptional experiences, uniting and fostering economic growth throughout the D.C., Maryland, and Virginia region. This Entertainment District would include a new Monumental campus featuring the global corporate headquarters for Monumental Sports & Entertainment, an industry-leading arena for both the Washington Capitals and Washington Wizards, a state-of-the-art Monumental Sports Network media studio, the Wizards practice facility, a performing arts venue, and an expanded esports facility, in addition to bringing new retail, restaurants, conference, and community gathering spaces. This would build on Monumental’s existing presence in Northern Virginia, where the Washington Capitals house their practice facility and where the company manages EagleBank Arena on the George Mason University campus.
This new regional destination would be a transformational investment made possible through a public-private partnership among parties with long histories in the DMV: Monumental Sports & Entertainment, the Commonwealth of Virginia, the City of Alexandria, and JBG SMITH.
Additionally, Monumental is excited about the potential opportunity to update Capital One Arena to be the future home of the Washington Mystics, increasing the company’s investment in the Mystics, creating a gameday experience tailored specifically for the Mystics, and allowing this championship-winning team to continue to grow the franchise and its fanbase.
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 (NCAA Men’s and Women’s tournaments, conference play, etc.). Monumental envisions Capital One Arena as maintaining its position as a vital and vibrant point of connection in downtown D.C. Moreover, in the future, the Monumental team would be able to secure more family shows and accommodate annual bookings and mini-residencies that require long-term planning, which is currently not possible with the seasonal changes from the NBA and NHL’s game schedules. If permitted, Monumental would continue to invest in Capital One Arena and maintain its standing as a premier sports and entertainment destination as well as one of the busiest arenas in the nation.
Since taking over majority control of Capital One Arena in 2010, Ted Leonsis has invested over $200 million in the building – more than the original cost of $170 million to build the arena in 1997. In the last five years alone, Monumental has invested or planned investments that total well over $125 million – and those green-lit investments will continue to be implemented, ensuring fans continue to receive a best-in-class experience at Capital One Arena.
Monumental’s franchise in the NBA’s G League, the Capital City Go-Go, currently practices and plays at the Entertainment & Sports Arena in the Ward 8 section of D.C. – and will continue to do so. Through a partnership with Events DC, District officials sought to secure an anchor tenant for the arena when it was constructed in 2018, and Monumental agreed to that investment. In addition to utilizing the Entertainment & Sports Arena, Monumental has provided the residents of Ward 8 nearly $11 million in direct and in-kind contributions to date, as of the end of 2023. That amount surpasses the $10 million the company promised to deliver as part of its lease agreement with D.C. The original terms were $1 million annually for ten years beginning in 2018. Monumental accomplished this in just five years.
Leonsis continued: “Sports are a unifying force in our community, and we are working to build a lasting legacy over multiple generations and lift all of our neighbors towards a shared sense of prosperity. Our business needs have changed dramatically since our current arena opened in 1997. We are a multi-faceted sports and entertainment enterprise with teams, venues, and media networks. Throughout its history, Monumental Sports has undergone remarkable growth. And, with this public-private partnership with the Commonwealth of Virginia, the City of Alexandria, and JBG SMITH, we anticipate an even more dynamic future. We believe this expansion would enable us to uphold our commitment to building an exceptional experience for our fans, employees, and partners.”
To learn more about the project, please click HERE.
Images for ILLUSTRATIVE purposes
Assets should be attributed to: JBG SMITH
About Monumental Sports & Entertainment:
Monumental Sports & Entertainment is one of America’s leading sports and entertainment families. Our people, players, teams, and events bring excitement and joy to millions. We invest and innovate to consistently raise the game so we can deliver extraordinary experiences that will inspire and unite our community, our fans, and our people.
SOURCE Monumental Sports & Entertainment
Originally published at https://www.prnewswire.com/news-releases/monumental-sports-to-partner-with-virginia-and-regional-leaders-on-a-proposed-business-expansion-to-alexandria-302014134.html
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