“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.”

rendering courtesy JBG

From Monumental Sports:

“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.”

From JBG:

“JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, D.C., market, announced today that, subject to definitive documentation and applicable governmental approvals, it is partnering with Monumental Sports & Entertainment (MSE), the Commonwealth of Virginia, and the City of Alexandria to develop a mixed-use Entertainment District, totaling approximately 9 million square feet, anchored by a new arena for the Washington Wizards and Washington Capitals in the Potomac Yard section of National Landing. Along with the arena, the plans call for a global corporate headquarters for Monumental Sports & Entertainment, a Monumental Sports Network media studio, the Wizards practice facility, a performing arts venue, and an expanded esports facility – all situated adjacent to the Virginia Tech Innovation Campus, the recently delivered Potomac Yard-VT Metro Station, and approximately 8.1 million square feet of future development opportunities.

“JBG SMITH is grateful for the opportunity to collaborate with Monumental, Virginia Tech, Amazon, and the public sector in cementing National Landing as a world-class mixed-use destination powered by innovation, commerce, entertainment, and higher education at the heart of economically vibrant Northern Virginia,” said Matt Kelly, Chief Executive Officer of JBG SMITH. “The arrival of this powerful entertainment and technology anchor to National Landing is a dramatic game changer that will enhance resident, employer, and visitor quality of life in the neighborhood for decades to come.”

The development plan calls for the arena to be constructed on a currently unoccupied 12-acre site situated between the Metro entrance and the first phase of the Virginia Tech Innovation Campus. The site is owned by JBG SMITH and its joint venture partner and will be sold to a proposed Virginia Sports and Entertainment Authority. JBG SMITH will serve as developer for the corporate MSE headquarters, arena, media studio, performing arts venue, and esports facility. The planned project also calls for significant joint infrastructure investment by the Commonwealth, the City, Monumental, and JBG SMITH.

JBG SMITH serves as the master developer of approximately 55 acres surrounding the project with a total potential density of approximately 8.1 million square feet, of which JBG SMITH owns approximately 1.5 million square feet of density. This potential development density is expected to be significantly catalyzed by Monumental’s expansion to Potomac Yard.

The development of this mixed-use Entertainment District in National Landing further builds upon JBG SMITH’s extensive effort to reimagine an area of Northern Virginia encompassing the interconnected neighborhoods of Potomac Yard, Crystal City, and Pentagon City just across the river from Washington, D.C. It adds an important entertainment component to a vibrant economy already driven by aerospace, technology, government, and higher education.

In 2018, Amazon selected JBG SMITH and National Landing for its second headquarters after conducting an extensive North American search. In June of this year, Amazon unveiled its 2.1 million square foot headquarters and has hired more than 8,000 employees to date in the region.

In addition to its work with Amazon and Virginia Tech, JBG SMITH has 1,583 multifamily units under construction, with 808 on track to deliver in early 2024. JBG SMITH also expects to triple the number of street level retailers serving National Landing by the end of 2024, before the addition of new retail that would come alongside the arena.

This fall, JBG SMITH unveiled 12 new dining destinations in National Landing, including Water Park, a 1.6-acre dining destination comprising 11 different food and drink concepts, and Surreal, Seven Reason’s chef Enrique Limardo’s newest concept at 2117 Crystal Drive. These novel culinary experiences, set among acres of greenery and enhanced walkable street life, deliver an indoor/outdoor dining and entertainment experience that is unique in the Washington Metro Area.”