An agreement has been reached for the Washington Capitals to relocate to a new state-of-the-art arena at Potomac Yard in Alexandria, Virginia, by 2028.
According to NHL.com, the NHL team’s owner Ted Leonsis and Virginia Governor Glenn Youngkin have devised a framework that allows the Monumental Sports & Entertainment (MSE) managing company to move its franchise over to the new venue.
The agreement would also include another MSE-owned sports team – the NBA’s Washington Wizards.
Leonis said: “We want to build the most fan-friendly experience. We want to build our brand and our business and, frankly, I’ve tried to build my career on being first and being an innovator.
“I got goosebumps again when we came here a week ago and just looked out at all of the expansion capabilities: on water with the (Ronald Reagan Washington National) airport across the street and a brand-new Metro stop.
“That primordial set of ingredients can really create what we think we can build really the exemplar new experience and we’ll see we’ll be very on trend because this is what we’ll have to do in professional sports.”
The total value of the project, which is currently pending legislative approval, will be around $2bn, in addition to being developed by JBG Smith. The cost would include a new Wizards practice facility, a corporate MSE HQ, retail stores, a conference centre and more.
Youngkin added: “This visionary sports and entertainment development district will bring together entertainment, sports and technology like nowhere in the world. This once-in-a-generation historic development will be the best place to live, work, raise a family and watch hockey and basketball.”
