Virginia Governor Announces Plans For New Arena For Wizards and Capitals at Potomac Yard

  • December 13th 2023

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

alex-2 .jpg
An illustrative rendering of the new complex.

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. 

"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.

alex copy.jpg
Click to enlarge.

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. 

This article originally published at https://dc.urbanturf.com/articles/blog/virginia_governor_announces_new_arena_for_wizards_and_capitals_at_potomac_y/21780.

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!