The RFK bill is going to pass this week, but we’ve already had one big moment pass: on Tuesday, the Washington, D.C. City Council voted to pass the legislation approving the $515 million in funding for Monumental Sports & Entertainment to refurbish Capital One Arena.
“We got our final vote on my Monumental Sports and Entertainment legislation, and as soon as I get the bill from the council, I'll be signing it,” Mayor Muriel Bowser told the Junkies on Wednesday morning. “They'll be going to close and getting to work on transforming Capital One Arena, and it’s going to be an amazing downtown development. We've already seen kind of the bounce-back in the downtown, and we're really proud that Monumental Sports is gonna be our partner until at least 2050. A big turnaround from last year at this time!”
Monumental will contribute another $300 million to the effort, with D.C.’s portion approved unanimously by the council as part of a package of legislation that will see DC officially by Capital One Arena for $87.5 million and lease it back to MSE through 2050, with the option for five four-year extensions through 2070.
“We needed a facelift at Gallery Place and so this $515 million we know will have an easy and fast payback period, so we feel good about the financial return on investment,” Nina Albert, Deputy Mayor for Planning and Economic Development, told DC News Now in a statement about the vote.
Shortly after it became official, Ted Leonsis posted a short video on his X account announcing the news and thanking the city for their efforts and the fan base for their patience and support.
“We can now get to work creating a world-class facility for the best fans and athletes in the world,” Leonsis said in the video. “This was the final step in our journey to breaking ground on what will be 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’s a direct investment in the city of DC, and will ensure that it’s not only a tip-tier destination for artists, athletes, and entertainers, but the people who live, work, and visit here every single day.”
The project is officially expected to kick off inside the arena this summer and take three years, with each offseason marking a different phase, as explained by Jim Van Stone on the Junkies last week.