The incident could signal an impending deal between Monumental Sports, which owns the team, and the state. The event will be held at 9 a.m. inside three tents at 3405 Potomac Avenue in Alexandria.
Please tune in to the press conference, which will be broadcast live on WTOP from 9am.
Monumental Sports, which owns the Washington Capitals and Wizards, and Virginia Governor Glenn Youngkin are expected to announce plans that could potentially move both teams from the District to Potomac Yards.
Virginia Gov. Glenn Youngkin spoke with Ted Leonis, majority owner of Monumental Sports, and the city and state planning commission inside three tents at 3405 Potomac Ave. in Alexandria Wednesday morning. He said he could not be more excited to discuss the plan with representatives from the United States.
“We are excited to announce that we plan to release a brighter, more wonderful future here at Potomac Yard in Alexandria,” Youngkin said.
Monumental Sports said the state and the organization will partner to build a new entertainment district campus that will include “a new Capitals and Wizards arena for the region and a new global business headquarters for Monumental Sports.” Ta.
Monumental Sports reported, “If the proposal is finalized, the home arenas of the NHL’s Washington Capitals and NBA’s Washington Wizards will move to Virginia starting in 2028.”
I’m coming to Alexandria
The 70-acre project includes the massive Alexandria Arena, an underground parking garage, a separate 6,000-seat concert venue, and features Amazon’s new Headquarters 2 development in the National Landing District and the newly opened It will be located near the Potomac Yard subway station. It will also be adjacent to Virginia Tech’s new Innovation Campus in the Alexandria portion of National Landing.
“This is a monumental moment as the Commonwealth welcomes two professional sports teams, a new headquarters and more than 30,000 new jobs,” Youngkin said in a statement.
Virginia Tech President Tim Sands said he is excited to see Virginia Tech plan to bring Monumental to Potomac Yard.
“We believe in the great potential of this location and are eager to welcome people who are passionate about this community and who will work with us to build an exciting and vibrant future,” Sands said. Ta.
The plan recently received support from Alexandria officials, but has not yet been approved by the state Legislature or City Council.
“This special project will help the city realize our collective strategy and vibrant vision for our region and the city as a whole,” Alexandria Mayor Justin Wilson said in a press release Wednesday. Ta.
Alexandria city officials say the city’s $2 billion investment, paid for in part with bonds issued by the newly proposed Virginia Sports and Entertainment Authority, will boost the region’s economic growth in the coming decades. It is expected to generate an economic impact of $12 billion, he said. It is expected to support millions of people in affordable housing, housing assistance programs, transportation, and education.
The city plans to begin “an extensive community engagement process that will include a series of community meetings and workshops beginning in early 2024.”
Monumental and the city of Alexandria also said they would each contribute $56 million to the creation of a new performing arts venue and would not use existing tax dollars to support the project. No tax increases are proposed for local residents.
“Throughout its history, Monumental Sports has experienced remarkable growth, and with this public-private partnership with the State of Virginia, the City of Alexandria, and JBG SMITH, we look forward to an even more dynamic future,” Leonsis said. Ta. “We believe this expansion will sustain our commitment to building great experiences for our fans, employees, and partners.”
What about Capital One Arena?
As for Capital One Arena, Monumental said the goal is to continue to invest in the arena, update the building to a facility that can seat up to 20,000 people, and continue to host events such as concerts and college competitions. said.
“Monumental envisions Capital One Arena maintaining its position as an important and vibrant connector for downtown Washington, DC. Additionally, in the future, the Monumental team will secure more family shows. This will allow us to accommodate year-round bookings and mini-residencies that require longer stays.” Seasonal fluctuations due to NBA and NHL game schedules currently make term planning impossible, the organization said.
The WNBA’s Washington Mystics, also owned by Monumental Sports, were not included in the proposal, but could find a new home at Capital One Arena if the plan goes through.
“Monumental is committed to updating Capital One Arena as the future home of the Washington Mystics, increasing our investment in the Mystics, creating a game day experience customized specifically for the Mystics, and building on the continuation of this championship-winning team. “We are excited about the potential opportunities that will allow us to expand the franchise and its fan base,” the group said.
Monumental Sports reports that since majority owner Leonsis took ownership, he has “invested more than $200 million in the building, which outweighed the $170 million original cost of building the arena in 1997.” We will surpass it.”
“In the past five years alone, Monumental has invested or planned investments totaling well over $125 million. These greenlit investments continue to deliver, ensuring fans continue to enjoy a best-in-class experience at Capital One Arena. We will make sure that you receive the following,” Monumental Sports said.
Washington, D.C. Mayor Muriel Bowser and City Council President Phil Mendelsohn spoke Tuesday night after the plan was approved Monday by 12 state legislators on Virginia’s Major Jobs and Investment Project Approval Committee. , made the “last and best proposal.”
“Downtown DC is an economic engine for the District, providing a source of revenue to support the city’s vital programs. Mr. Leonsis and Monumental Sports have been instrumental in keeping our downtown thriving, especially since the pandemic. They have been an important partner,” Bowser said in a news release. “Modernizing Capital One Arena will be a valuable investment in our continued success and future prosperity.”
More information about the project is available online.
This is a developing story. Please visit WTOP for the latest information.