Vision for new arena in Potomac Yard. Images: JBG SMITH
The last 12 hours have been a whirlwind for D.C. sports fans as the Washington Capitals and Washington Wizards were rumored to relocate to Northern Virginia.
Now that rumor has become a reality. On Wednesday morning, Monumental Sports & Entertainment CEO and Capitals and Wizards owner, Ted Leonsis, announced initial plans to move the two sports teams to the Potomac Yards neighborhood in Alexandria, V.A., as early as 2028. The 70-acre land would include the arena, a performing arts center, an esports center.
“The nine-million-square-foot district will feature the global headquarters for Monumental Sports and Entertainment, an extraordinary state of the art arena that will be the home to both the Washington Capitals and the Washington Wizards,” Virginia Gov. Glenn Youngkin (R) said during Wednesday’s press conference.
“And on top of that, it’ll be the home to Monumental Sports Network media studios, the Wizards practice facility, a 6,000 seat performing arts venue, an expanded eSports facility in addition to new retail restaurants, a conference center, hotels and residential and community gathering spaces. This is monumental.”
Vision for new arena in Potomac Yard. Images: JBG SMITH
The $2 billion project is slated to begin construction in 2025. The venue, designed by JBG Smith, is projected to have an economic impact of $12 billion and create up to 30,000 jobs.
“When we first came out here and I saw 70 acres and the ability to start with a clean slate,” Leonsis said, “and imagine what would an arena 30 years from now need to be built and be served, and to build a digital-first experience, it really is a very, very romantic but also pragmatic vision that we have, that we can’t do anywhere else. This place for people is one of a kind.”
The new facility is projected to seat up to 20,000 fans and a Virginia stadium authority would lease the arena to Monumental for the next 35 years, not including construction.
“I believe in the concept of building super communities. And right here in the D.M.V., we have the opportunity to be one of the 10 most important communities on the planet. And what defines a super community is simple. That you have an international and functioning, very busy airport, that you have access to public transportation, that you have technical infrastructure so that you can innovate and have an open platform for businesses for academics. That you house great universities and research universities,” Leonsis said.
Vision for new arena in Potomac Yard. Images: JBG SMITH
Negotiations to renovate Capital One Arena, which has been home to the Capitals and Wizards since 1997, have been going on for the past few years. Leonsis has been displeased with the arena’s current state as it is one of the oldest in pro sports. The Washington Post reported back in November 2023 that Monumental was asking the city for $600 million for renovation.
Meanwhile, concerns for crime in the arena’s vicinity was another reason for potential relocation. The Post also said that the city provided 27 police officers to survey the perimeter of the arena during games. However, that number has decreased drastically.
So, Leonsis said that he wanted to start fresh.
Vision for new arena in Potomac Yard. Images: JBG SMITH
After reports of Leonsis attending the news conference with Youngkin picked up, D.C. Mayor Muriel Bowser (D) announced new legislation Tuesday night, that would invest $500 million to renovate and modernize Capital One Arena. The proposal was “the best and final offer” to Monumental Sports in order to keep the two clubs in the nation’s capital.
But Leonsis said that Capital One Arena is not going anywhere and will still be in Monumental’s hands. Leonsis said that the arena will still host the Washington Mystics and concerts.
“My belief is that at Capital One Arena we can host women’s sports. We’ve invested $200 million in the last 10 years in keeping Capital One world class as an arena and our intention is to expand here [in Virginia] and keep Capital One Arena in Washington D.C. a great place,” Leonsis said.
The new location is just four miles from Capital One and it would also be located next to a nearby metro stop which recently opened. The stop services the Blue and Yellow Links and is next to Virginia Tech’s “innovation campus” which will open next year.
By Jacob Cheris