- The NHL’s Washington Capitals and NBA’s Washington Wizards are planning to move to Alexandria, Virginia.
- This is part of a $2 billion entertainment complex initiative led by the state of Virginia and Monumental Sports & Entertainment, which owns both professional teams.
- The complex is scheduled to open in late 2028, pending council approval.
A full view of the Washington Wizards logo painted on a court mop before the game between the Washington Wizards and the Chicago Bulls on October 21, 2022 at Capital One Arena in Washington, DC.
Scott Tetch | Getty Images
The NHL’s Washington Capitals and NBA’s Washington Wizards will relocate to Alexandria, Virginia, as part of a $2 billion entertainment facility construction plan, Governor Glenn Youngkin announced Wednesday. .
The development, located about 13 miles south of Washington, D.C., will house the new global headquarters for Monumental Sports & Entertainment, which owns the Capitals and Wizards, as well as the team’s new home arena. The 9 million square foot district will also include mixed-use retail, hotel and conference space.
“This is the most visionary sports and entertainment development in the world. The Commonwealth will have two professional sports teams, a new headquarters and over 30,000 new jobs. This is a monumental ,” Youngkin said in a statement.
Construction on the complex is expected to begin in 2025 and open in late 2028.
The statement said the development required legislative approval. Lawmakers must greenlight the creation of the complex during the next Virginia General Assembly.
The $2 billion investment will come from bond sales and a $403 million contribution from Monumental Sports & Entertainment.
“We are committed to continually evolving our team, deepening our community ties, and positioning ourselves as a leader at the forefront of sports and technology,” Monumental Chairman and CEO Ted Leonsis said in a separate statement. We are committed to delivering a world-class fan experience as we strengthen our role.”