Monumental Sports & Entertainment owner Ted Leonsis and various Virginia officials and Alexandria leaders, including Governor Glenn Youngkin and Senator Mark Warner, held an introductory press conference on Wednesday in Alexandria’s Potomac Yard. The group revealed the framework of an agreement that will see both the Washington Capitals and Washington Wizards moved to Northern Virginia if they can clear all remaining hurdles.
The agreement, which was approved by Virginia’s MEI Project Approval Commission on Monday, would see the teams moved to the new “world-class Entertainment District” by 2028. While concrete plans are now definitely in motion, approval is still needed from Virginia’s full General Assembly and the Alexandria City Council.
Further details and image renderings of the project were released by MSE through real estate investment trust company JBG SMITH and the Alexandria Economic Development Partnership. The name of the overall plan appears to be “MONUMENTALALX”.
The current timeline provided by all parties included a 2025 breaking ground date. Here are the image renderings provided by JBG Smith.
What is planned to be built on the massive campus was revealed during the press conference. Here’s a list of what MSE’s press release included.
- Global corporate headquarters for MSE
- Arena shared by Capitals and Wizards
- Monumental Sports Network media studio
- Wizards practice facility
- Performing arts venue
- Expanded esports facility
- General retail, restaurants, conference, and community gathering spaces
“Our goal is to build iconic, fan-centric businsesses and we want to unite this community,” Leonsis said Wednesday. “What we are about is putting unity in community and really helping this region bring up to its full promise.”
The Alexandria Economic Development Partnership claim on their website that the new complex will see a $12 billion impact for Virginia and Alexandria. Additionally, 30,000 jobs will be created.
Leonsis added that current plans include keeping the Washington Mystics in DC with their future home at Capital One Arena. MSE, which owns Cap One, plan to maintain ownership of the building and pump additional money into it for modernization purposes. Constructed 26 years ago, the arena is relatively old for an NHL/NBA barn, with MSE angling for structural upgrades to the building for several years now.
MSE’s press release also revealed plans for future forms of entertainment to take place in the arena that they claim are not currently possible due to the Capitals and Wizards’ presence.
“Monumental’s goal would be to – continue to host world-class live entertainment spanning music, comedy, cultural and sports performances, including family-friendly entertainment, and collegiate competitions,” the release reads. “The Monumental team would be able to secure more family shows and accommodate annual bookings and mini-residencies that require long-term planning, which is currently not possible with the seasonal changes from the NBA and NHL’s game schedules.”
DC Mayor Muriel Bowser and Council Chairman Phil Mendelson announced a last-minute bill on Tuesday night that, if passed, would offer Monumental $500 million in public funding in an attempt to keep the Capitals and Wizards within the city and Capital One Arena. MSE had previously asked DC for $600 million.
While this new arrangement with Virginia does not fully end those negotiations, according to The Washington Post, the bill will be DC’s “best and final offer.”
Renderings courtesy of JBG Smith
