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Ted Leonsis is the owner of Monumental Sports and Entertainment. A plan to build a new arena for the Wizards and Caps in Alexandria is close to a formal announcement according to multiple people familiar with the details. The news that Leonsis and Youngkin were in D.C. caused officials to make an 11th-hour attempt to keep both teams downtown. The event with the team owner and governor was confirmed by seven people, all of whom spoke on the condition of anonymity to share private discussions. The District is in talks with Leonsis over the renovation of Capital One Arena, the current home of the Wizards and Caps. The mayor and chairman of the Council introduced a bill that would offer $500 million in financing for the rehabilitation of Capital One Arena as well as an extension of its ground. The District is being asked for $600 million in public funds for a major renovation of the arena, and some D.C. officials think that the project will help revive the downtown area. The bill was D.C.'s best and final offer, according to Bowser.
The proposed move of the Wizards and Caps to a new facility in Alexandria would require additional approval from state and local lawmakers. The District is facing severe budgetary constraints and is juggling requests from the Washington Nationals baseball team for upgrade and competition over the future site of the next Commanders football stadium. The bill was supported by the full D.C. Council. Leonsis and Monumental Sports have been critical partners in keeping our downtown thriving. The $500 million offer was part of the pitch and was intended to turn the Gallery Place-Chinatown neighborhood into an entertainment epicenter.
The D.C. leaders learned of Virginia's announcement Wednesday morning and left the meeting to draft the legislation. The larger mixed-use complex would be owned by a Virginia stadium authority and leased to Monumental, according to a person briefed on the Alexandria deal. The plan was approved by the Major Employment and Investment Project Approval Commission, which is made up of a dozen Virginia lawmakers. The full General Assembly and the Alexandria City Council would have to approve the deal.
A spokeswoman for Youngkin didn't respond to requests for comment. The arena is one of the older ones in the NHL and the NBA. It will be a huge blow to our downtown recovery and all the services it pays for. Capital One Arena has been a big part of D.C. The Arena can be part of our comeback because Downtown is not out.
At one point, the site for a football stadium was considered by Alexandria officials as a potential site for redevelopment. The new arena and complex would cause some people in the suburbs to be angry about additional traffic and flooding. Adding a ramp to connect the station directly to the proposed arena has been discussed by both people. Two people familiar with Youngkin's efforts said that he has pitched several House and Senate Democrats on the project. Democrats in both chambers will need to pass legislation to approve additional transportation funds and to oversee financing of the project. The few who spoke said they weren't yet on board. This is a trust but verify situation, needs to be a true win-win to get my support. L. Louise Lucas, incoming chairwoman of the powerful Senate Finance and Appropriations Committee, framed the project as a bargaining chip for regional or Democratic priorities. She wants to have recreational sale of marijuana and eliminate tollbooths from the area.