The Washington Wizards and Washington Capitals set forth plans for a new arena in northern Virginia on Wednesday. Principal owner Ted Leonsis announced the plans on the 70-acre site in Alexandria’s Potomac Yard neighborhood in Alexandria, Va., per The Athletic.
The goal is for the new arena to open in 2028 with both the Wizards and Capitals moving out of Capital One Arena in downtown Washington, D.C. Both teams have called Washington home since 1997 when they moved from Landover, Md. where the Washington Commanders currently play.
A proposal to build a new sports and mixed-use campus at Potomac Yard was approved by Virginia lawmakers on Monday. However, nothing is official until the full state legislature signs off on it when presented in early 2024.
In addition to the new multi-purpose arena, the proposal includes a new practice facility for the Wizards, a new studio for Monumental Sports Network (which Leonsis also owns), and a performing-arts venue.
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Though not official yet, it appears there's not much the nation's capital can do about this move. Reports surfaced in November stating that the Wizards and Capitals would stay at Capital One Arena if the city paid $600 million for an $800 million renovation project for the arena with Monumental Sports & Entertainment fronting the other $200 million.
Washington mayor Muriel Bowser offered his plan Tuesday night, one that would see the city provide $500 million for an $800 million renovation of Capital One Arena.
“This proposal represents our best and final offer and is the next step in partnering with Monumental Sports to breathe new life and vibrancy into the neighborhood and to keep the Washington Wizards and the Washington Capitals where they belong — in Washington, D.C.,” Bowser said in a statement.
Regardless if it's renovated or not, Monumental has no plans to shut down Capital One Arena. The Washington Mystics of the WNBA, which Leonsis also owns, would still call it home. The Wizards and Capitals leaving would also open plenty of dates for concerts, shows and other events to take place at the arena.
Monumental still sees a market in downtown Washington. It's no longer good enough for an NBA and NHL franchise though, at least in the eyes of Leonsis and Monumental.
There are still plenty of steps to be made before the new proposed arena breaks ground but with the state of Virginia wanting to get into the professional sports game, this move seems inevitable for the Wizards and Capitals.
Despite the possible travel headaches it may cause for fans of both teams, as well as the potential financial ramifications Washington will face if the Alexandria proposal goes through, Leonsis is adamant it will be good for the DMV area.
“Our moving here, if all of this goes as planned,” Leonsis said, “we will still be a big, big part of the entire DMV. That is our goal. That is our commitment: create jobs, pay taxes, hire people from Virginia Tech and George Mason. We want to leave much more than we take.”
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