What's Hot: The 4 Projects in the Works Near DC's Starburst Intersection | A 153-Room Aloft Hotel Pitched For Mt. Vernon Triangle
Virginia Governor Announces Plans For New Arena For Wizards and Capitals at Potomac Yard
The Wizards and Capitals appear to be headed to Virginia.
On Wednesday morning, Governor Glenn Youngkin, along with Monumental Sports & Entertainment Chairman and CEO Ted Leonsis, announced plans to bring the Washington Wizards and Capitals to Alexandria. Youngkin and Leonsis unveiled plans for a new arena complex and entertainment district for the two teams in Potomac Yard. Monumental owns the Wizards and Capitals.
The plans for the 70-acre swath of land where the new arena would be located also include a 6,000 seat performing arts center, an esports center and restaurants, retail and hotel and conference space.
story continues below
loading...story continues above
"I'm not sure that I could be more excited," Youngkin said on Wednesday. "We will build a spectacular $2 billion sports and entertainment district."
The announcement comes after a vote by Virginia lawmakers on Monday in favor of a new complex for the two teams. While the deal is far from done as it would still require approval from Virginia's General Assembly and other local officials, it would certainly be a blow to downtown DC if it moves forward.
DC made a last-minute move on Tuesday night to keep the teams in the city. Mayor Muriel Bowser announced a bill that would give Monumental $500 million to renovate Capital One Arena as well as extend its ground lease until the end of 2052. In November, the Washington Post reported that Monumental Sports & Entertainment asked the city for $600 million in order to renovate Capital One Arena. Bowser, who described the proposed bill as her best and final offer, has been in talks with Leonsis since the summer, according to The Washington Post.
DC's Gallery Place neighborhood has been home to to the Wizards and Capitals since 1997.
See other articles related to: gallery place, potomac yard, washington capitals, washington wizards
This article originally published at https://dc.urbanturf.com/articles/blog/virginia_governor_announces_new_arena_for_wizards_and_capitals_at_potomac_y/21780.
Most Popular... This Week • Last 30 Days • Ever
This week’s Best New Listings includes a cozy home adjacent to the Arboretum, a pr... read »
In this article, UrbanTurf looks at the estimated annual maintenance costs associated... read »
Another concept has been unveiled for one of DC's most contentious development sites,... read »
The big news in the development pipeline east of DC's H Street Corridor is the resur... read »
Renter demand has continued to push Class A apartment rents in the DC region up this ... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro