I’ve got a confession. Sports news? Not really my thing. But even I know that owner Ted Leonsis’ announcement that he’s moving the Washington Capitals and Wizards to Alexandria is SEISMIC. Capital One Arena has housed the teams in Chinatown since 1997, and this shift could torpedo downtown’s comeback plan.
Why Are They Leaving DC?
For months, Leonsis has said Capital One Arena needs about $800 million in renovations, and he wanted D.C. to help foot the bill. He’s also complained about crime and lack of investment in the surrounding neighborhood, and he threatened to move across the river if Virginia proved to be a more willing partner, which they were.
Late Tuesday night, with the Virginia threat looming large, Mayor Muriel Bowser approached Leonsis with a last-ditch offer of $500 million for upgrades. But, Leonsis and Virginia Gov. Glenn Youngkin announced the move to Potomac Yard Wednesday morning.
Ok, Fine, But Why VA?!
The complex Virginia has proposed will include the 20,000-seat arena, a network studio, a Wizards practice facility, a fan plaza, a performing arts venue, and an e-sports facility. Plus, there will be new retail, restaurants, and public gathering spaces. Can’t deny it’s a sweet deal.
Often with stadium owners, when they have their mind set on something new and shiny, it's hard to pull them away from that.
Tristan Navera, Washington Business Journal Reporter
Is This a Done Deal?
Virginia’s state legislature still needs to sign off. Alexandria Council does too. But the entire council attended the Youngkin-Leonsis press conference yesterday, so consensus seems likely. Things are not looking good for D.C.’s retention of the teams, though Alexandria NIMBYs could maybe sway things D.C.’s way?
What Does This Mean For Downtown?
Local economists are warning this loss could cost D.C. for decades. Capital One Arena hosts 220 events per year, and Washington Business Journal’s Tristan Navera tells us it was “a big part of what helped pull D.C. out of its economic slump in the ‘90s.”
Leonsis seems committed to keeping the arena as an events space downtown, and possibly the new home of the Washington Mystics. But that alone isn’t going to be enough to bring back downtown, which is still struggling since the pandemic.
