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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 plans. Leonsis and Youngkin appeared together, which caused D.C. officials to make an eleventh-hour attempt to keep both teams downtown. Seven people, all of whom spoke on the condition of anonymity to share private discussions, confirmed the event with the team owner and governor. The District has been in talks with Leonsis over renovations to Capital One Arena, the current home of the Wizards and Caps. The bill would offer $500 million in financing toward the rehabilitation of Capital One Arena as well as an extension of its ground, if passed. The District has been asked for $600 million in public funds for a renovation of the arena by Monumental, and some D.C. officials see that project as key to revitalizing the downtown area. The bill was D.C.'s best and final offer.
The tentative proposal drafted between Virginia and Monumental which requires additional approval from state and local lawmakers, would move the Caps and Wizards to a new facility anchoring a larger mixed-use development in Alexandria. The tents were visible near the Metro station Tuesday evening. The bill authorizes a development agreement between her office and the company in which the company would receive $167 million in public funds per year. Leonsis and Monumental Sports have been critical partners in keeping our downtown thriving. The $500 million offer, pledged to ramp up security in the area, and envisioned turning the Gallery Place-Chinatown neighborhood into an "entertainment epicenter" were included in the pitch.
The D.C. leaders learned of Virginia's announcement Wednesday morning and left the meeting to speed up drafting of the legislation. A person who was briefed on the Alexandria deal said a Virginia stadium authority would own the larger mixed-use complex and lease it to Monumental. The plan was approved by the Major Employment and Investment Project Approval Commission of Virginia, according to two people with knowledge of the negotiations. The full General Assembly and the Alexandria City Council would have to approve any deal between the state and Monumental.
He said that he could leave the city when he paid off the mortgage because it was the worst building deal in professional sports. If the deal with Virginia goes forward, the arena could still host concerts and college basketball games. Capital One Arena has been a big part of D.C.'s comeback story. The Arena can be a part of the comeback.
Alexandria officials have long considered the site of the former rail hub as a potential site for a football stadium. Residents in the suburbs surrounding the arena would be opposed to additional traffic and flooding. Adding a ramp that would connect the station directly to the proposed arena is one of the things that has been discussed. Two people familiar with Youngkin's efforts said that he pitched several House and Senate Democrats on the project. Youngkin will need Democrats to approve additional transportation funds and create a sports authority to oversee the financing of the project. The few who spoke indicated they were not yet on board. This is a trust but verify situation, needs to be a win-win to earn my support, wrote Del. Marcus B. Simon on X. 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 get rid of tollbooths in the area and also wants recreational sale of marijuana.