Potomac Yard would feature a 20,000-seat arena and new practice facilities for both the Capitals and Wizards.
It's a strange day in Washington, D.C., as fans, lawmakers and D.C. Mayor Muriel Bowser watched Ted Leonsis and Monumental Sports & Entertainment take part in a press conference at Potomac Yard to announce plans for a new entertainment district in Alexandria, Virginia, which would become home to the Washington Capitals — if the proposal is finalized.
The Capitals, owned by MSE, would join the Washington Wizards in the move, which is expected to take place in 2028. This is the timeline for the new 20,000-seat arena and practice facilities for both pro teams.
Renderings of the new arena and district were provided at the press conference.
Virginia lawmakers and Ted Leonsis agreed on a "framework" earlier in the week that would bring the team to Virginia. This would also include a "fan plaza" and other facilities. It would create 30,000 new jobs.
"Virginia will not only be the best place to watch hockey, to watch basketball, but it will be the best place to innovate and press the envelope in what we can do together," Virginia governor Glenn Younkin said in the press conference on Wednesday.
"We are committed to providing world-class fan experiences while continuously evolving our teams, deepening community ties and solidifying our role as leaders at the forefront of sports and technology," Leonsis, who did not take questions after the event, said in a press release. "The opportunity to expand to this 70-acre site in Virginia, neighboring industry-leading innovators and a great academic partner would enable us to further our creativity and achieve next-generation, leading work – all while keeping our fans and the community at the forefront of everything we do."
The move comes in response to multiple unmet requests for renovations at Capital One Arena, as well as other issues plaguing the downtown D.C. area. Leonsis still plans to make use of Capital One as a home to the WNBA's Washington Mystics.
After the press conference was announced, Bowser attempted to stop the move with a last-minute offer on Tuesday, agreeing to $500 million worth of renovations to Capital One Arena. MSE had asked for $600 million.
With the deal, a Virginia stadium authority would buy the land from Bethesda-based developer JBG Smith and then lease it to MSE.
The Capitals have been at Capital One Arena, formerly known as Verizon Center and MCI Center, since 1997. Potomac Yard is 5.7 miles away from Capital One, which is situated at the Gallery Place — Chinatown Metro stop. Potomac Yard has its own stop on the Metro's yellow line.