From the Mayor’s Office:
“Today, Mayor Muriel Bowser and Chief Executive Officer of Monumental Sports & Entertainment (MSE) Ted Leonsis advanced the public-private partnership to transform the Capital One Arena and revitalize Gallery Place-Chinatown in Downtown DC. Mayor Bowser submitted legislation to Chairman Phil Mendelson and the Council of the District of Columbia to effectuate the District’s $515 million investment that was unanimously approved by the Council.
“We’re keeping Washington’s teams where they belong – here in the Sports Capital, and we’re doubling down on having a world-class destination and entertainment district in the center of DC,” said Mayor Bowser. “We know that when our Downtown does well, our city does well. This catalytic investment is an investment in our residents and businesses in all eight wards.”
In March 2024, Mayor Bowser and MSE, with the support of Chairman Mendelson and the DC Council, signed a term sheet that set forth the parameters of the agreement that was transmitted. On April 2, 2024, the Council voted unanimously through emergency legislation to move the partnership forward and, on June 12, 2024, voted to approve the Fiscal Year 2025 budget that appropriated the $515 million investment over three years.
“This arena transformation marks the next significant investment Monumental Sports is making in the revitalization of Downtown DC, and we will build a best-in-class experience for fans, a world-class destination facility for athletes and continue to serve as a downtown anchor for economic vitality,” said Ted Leonsis. “Our vision for a wholly re-imagined sports and entertainment destination will be ambitious, reflective of our community, and designed to ‘wow’ our most ardent supporters as well as casual fans. We want to capture the magic that comes from providing the most entertaining experience – which every guest deserves.”
The introduced legislation serves as the final step in the process whereby the Council will vote on the Lease, Development and Funding Agreement, and Purchase and Sale of Real Property between MSE and the District. If the legislation passes before the end of the calendar year, MSE will begin design this winter and construction in early summer 2025.
“I’m happy we got the bill done. The Council is going to move expeditiously to make sure that this bill has a public hearing, that the public gets to fully see the transaction, and that we will get this done by the end of this year,” said Chairman Mendelson.
Under the agreement, the District will purchase Capital One from MSE for $87.5 million. (more…)
