Capitals receive municipal approval for major arena renovation

The Washington Capitals have been given the green light to proceed with a transformative renovation to downtown Capital One Arena as Tuesday saw Washington, D.C. city council vote to approve legislation in support of the project.

“This means we can now get to work creating a world-class facility for the best fans and athletes in the world,” said Teo Leonsis, chairman and CEO of Monumental Sports & Entertainment, which holds the Capitals and the NBA’s Washington Wizards. “This was the final step in our journey to breaking ground on what will become the new Capital One Arena, which will be a premier destination for fans and athletes and a new front door for the District’s downtown.

“It is a direct investment in the city of D.C. and will ensure it is not only a top-tier destination for athletes, artists, and entertainers, but the people who live, work, and visit here every single day.”

Last December, plans were announced to shift the two franchises to nearby Alexandria, Va., as part of a $2-billion proposal, with the intent for a new sports and entertainment district to be ready by 2028. When plans for the move fell apart in March, the Capitals quickly reached a new agreement to remain in downtown D.C. at Capital One Arena, which is owned by Monumental but situated on city-owned land.

Per the agreement, Monumental will receive $500 million in city funds directed toward a transformative renovation of Capital One Arena and the surrounding area, plus an additional $15 million purposed for the organization to expand its downtown footprint. The agreement will also see both the Capitals and the Wizards remain in downtown D.C. through 2050.

Both the Capitals and the Wizards have played out of Capital One Arena since the facility first opened its doors in 1997. Joining the NHL in 1974, the Capitals played their first 23 seasons in nearby Landover, Md., prior to the shift to downtown D.C.