Design & Development

Monumental shares first renderings of revamped Capital One Arena

Images: Monumental Sports & Entertainment

Monumental Sports & Entertainment and Washington, D.C. Mayor Muriel Bowser have today (Monday) announced the introduction of legislation supporting the public-private partnership for a major redevelopment of Capital One Arena.

The wide-ranging transformation of Capital One Arena, which serves as the home of the NBA’s Washington Wizards and the NHL’s Washington Capitals, is expected to be delivered in time for the 2027-28 season.

A full redesign of entrances and exits, safety, lighting, traffic mitigation and public transportation is planned, and today marks the first glimpse of how a revamped arena will look.

The redevelopment of Capital One Arena will place a focus on enhancing the fan experience across the venue. The main entrance at F Street will be expanded to ease the flow for fans before and after events, with wider concourses and more elevators and escalators also planned.

There are also plans for around 65% more concession space, 30% more restrooms and an expansive new food and beverage experience, as well as a more-than-60% expansion of athlete spaces.

In March, Monumental Sports & Entertainment (MSE) reached an agreement with D.C. to carry out major renovation work at Capital One Arena after dropping plans for an entertainment district in Virginia that would have housed a new arena for the Wizards and Capitals.

The District committed to financing of $500m (£384m/€461m) towards the arena renovation, and an additional $15m towards improvements of the alley connecting Capital One Arena to the Gallery Place shopping centre. D.C. Council approved the funding the following month after voting unanimously to allocate the money over the next three years.

The legislation announced today will serve as the “final step” of a process whereby the D.C. Council will vote on the lease, development and financing agreement.

The legislation will be considered by the D.C. Council in the autumn. The legislation put forward will see MSE sell Capital One Arena to D.C. for $87.5m and immediately lease the facility back from the District under an amended and restated lease.

MSE founder and chairman Ted Leonsis had threatened to move the Wizards and Capitals to Virginia but these plans were ultimately dropped in favour of a major renovation of Capital One Arena, securing the long term future of the teams in D.C.

The amended lease agreement will run until June 30, 2050, with MSE holding five four-year extension options, potentially extending the lease to 2070. To exercise each extension, MSE must provide notice at least 12 months before the then current term expires.

The lease also includes a non-relocation covenant, meaning the teams cannot consider relocation options until June 30, 2045. The $515m committed by D.C. will be allocated in four batches: $87.5m for purchasing the arena property, paid at closing; $84.3m available upon execution of the agreement; $171.8m available by October 30, 2025; and $171.3m available by October 30, 2026.

MSE also plans on contributing at least $285m towards the renovation project, meaning that $800m in total will be spent on transforming the venue. MSE will be solely responsible for any cost overruns.

Leonsis said today: “The delivery of a brand-new arena marks the next significant investment Monumental Sports is making in the revitalisation of Downtown D.C., and we will build a best-in-class experience for fans, a world-class destination facility for athletes and continue to serve as a downtown anchor for economic vitality.

“Our vision for a wholly reimagined sports and entertainment destination will be ambitious, reflective of our community, and designed to ‘wow’ our most ardent supporters as well as casual fans. We want to capture the magic that comes from providing the most entertaining experience – which every guest deserves.”

Mayor Bowser added: “We’re keeping Washington’s teams where they belong – here in the Sports Capital, and we’re doubling down on having a world-class destination and entertainment district in the center of D.C. We know that when our Downtown does well, our city does well. This catalytic investment is an investment in our residents and businesses in all eight wards.”

Since taking over operation of Capital One Arena in 2011, MSE has spent over $200m on renovating the venue.