Confirmed with Link: Capitals to VA is dead. DC decides to pay $515 million dollars to upgrade capital one

[usiel]

So, Capital One was constructed for 260 million dollars back in 91. Off an inflation calculator that's about 506 million in today money. So all in all that seems like a sizeable investment.

Flipside though, I really wonder how much they can really upgrade at the stadium? I mean, modernize some stuff sure but I feel like the bigger issues are the surrounding areas.

Madison Square Gardens renovation was 1.26 billion dollars in 2022 dollars.

I'm pretty meh until we'll see exactly what is going to be renovated. Would have course have preferred a brand new stadium. I did like the overall complex idea for Potomac Yards having a secondary entertainment venue etc..

Oh and the busker drummers can sod off.

 

[Chokingdogs]

So where is DC getting the 515 LARGE from?

And lmao at all the crying and hand wringing, clearly no one owns a multi million dollar business.

 

[usiel]

The way I see it, this upgrade stuff is just polishing an old turd. Capital One is 24 years old. It's considered an old building by today's standards. Inside the arena over years, they have had compressor(only 2)/ambient temp too high/humidity issues, and I read on here issue with food quality. Ted overuses the arena. I'm glad the Virginia plan fell apart, as Ted's ego got the best of him once again.

Bolded is how I look at this.

 

[usiel]

Under the terms of the deal, D.C. will spend $515 million over three years to help Leonsis modernize the arena, and Leonsis will sign a new lease keeping the teams in D.C. for 25 more years.

The agreement includes other provisions that address some of Leonsis’s concerns about the state of downtown, which has struggled to recover from the pandemic, and allow his company, Monumental Sports & Entertainment, to expand in the city.

Among the provisions to which the two sides have tentatively agreed, D.C. would allow Leonsis to take over the Gallery Place retail center, assume management of the Mystics home arena in Southeast D.C., utilize parking at some District-owned buildings for Monumental employees, keep a minimum number of police officers downtown and plan for a new future downtown practice facility for the Wizards.

Loading…

www.washingtonpost.com

So where is DC getting the 515 LARGE from?

And lmao at all the crying and hand wringing, clearly no one owns a multi million dollar business.

Council Chairman Phil Mendelson (D) said he anticipated the $515 million legislation will easily pass the council on an emergency basis on Tuesday. Though the city is in the middle of a difficult budget year, he stressed that the money is coming out of the capital budget, not the operating budget, which is where the city is strapped.

I recall that the original talk of 500 million was an account error or something that freed up that chunk of money.

 

[Chokingdogs]

Wait…?? The shithole that is DC has a “spare” 500 million laying around?

FTR, I have no dog in the fight, don’t care if Teddy has them in DC, VA, or on the surface of the moon.

Someone is paying that 500 million, it isn’t under some mattress in a DC office building.

 

[StrikingDistance]

Ted got his way...maybe not his first choice, but he made DC cave. At least VA and MD tax payers don't have to subsidize it.

Where's Bozo Bowser going to get the $$? Collect all the back-owed parking and photo speeding tix? haha Good luck.

 

[Ovechkins Wodka]

Glad the team stays in DC. It was always fun taking visitors around DC and then a hockey game.

 

[CapitalsCupReality]

Dear Fans and Supporters,

I am thrilled to share that moments ago I signed a letter of intent with D.C. Mayor Muriel Bowser for a major partnership to renovate and modernize Capital One Arena, expanding Monumental's business operations into Gallery Place, transforming Downtown D.C. into a premier entertainment destination. It is one that aligns our growth mindset with a public-private partnership, which we have been seeking.

About an hour ago, we publicly celebrated this big new partnership with the city – the Mayor, City Council, Metro Police, our neighbors, and business partners – and announced this truly new and unique opportunity for collaboration. This is the first and only letter of intent we have signed regarding a new or upgraded facility. I spoke earlier today with the Governor of Virginia, Mayor of Alexandria, and CEO of JBG SMITH, Matt Kelly, to thank them for their time and efforts on our proposal and to inform them of this newly formally signed deal with D.C.

The assertive actions of Mayor Bowser and the D.C. Council juxtaposed against our experience in Virginia evolved our view of the best partner to support the growth of our business. In the past three months, the pivot and great work in D.C. were in stark relief from what we ultimately experienced in Virginia. While the Virginia House of Delegates did great work in evaluating our proposal, the Senate sadly did no work in even providing us a fair hearing on the true financial benefit of the project. Contrasted with the open level of collaboration that we now have in D.C., we know we are in the best position to meet the next big objectives for the benefit of our fans.

What we have been able to negotiate in D.C. gives us tremendous opportunities. First, we are gaining 200,000 square feet of additional space as we will expand our business and hospitality operations into Gallery Place. With this expansion of space, we have the ability to program the arena and campus to drive more options for visitors and provide more services to our players and our fans. We also sought a deal that would right-size our organization with the Nationals, Orioles, and Ravens as to their venues and partnerships with the City and State. We also sought a new level of cooperation with a government entity around services such as traffic mitigation, safety and security, and cleanliness. We also sought a better and more efficient way to communicate with regulatory agencies and cut through red tape with more efficient approvals. We also sought more direct control of our practice facilities and office buildings. And more control of our future.

We expect to create new viewing options, better and different sight lines, more comfortable seating, upgrade technical and functional infrastructure, and modernize the building as we shift from an analog to a digital world.

This new deal achieves most of, if not all, our key objectives. And I was very impressed with the Mayor’s stick-with-it attitude — she never gave up and was always reaching out to me to keep and expand our business operations in D.C. Gratefully, we kept a good dialogue going with the City and our Mayor and have netted this opportunity for a new chapter for our organization.

And that is in no small part because of the tremendous work undertaken by Mayor Bowser and the D.C. Council. Since the announcement that we were pursuing a partnership with Virginia in December 2023, D.C. officials have taken concrete action to support Monumental Sports and the downtown community. In January 2024, the Mayor announced the formation of the Gallery Place/Chinatown Task Force to articulate a defined vision surrounding Capital One Arena and committed $400 million for the Downtown Action Plan and a Downtown Public Realm Plan to ensure the long-term success of Downtown D.C.’s commercial core. The Mayor also opened the first Safe Commercial Corridor Hub in the Chinatown neighborhood staffed by outreach teams from multiple public safety and human services agencies that will be able to respond in real-time to challenges in the community. And earlier this month, the Council passed the Secure DC omnibus legislation with a multi-prong strategy and tactics to combat crime, including a designation around the Chinatown neighborhood as a drug-free enforcement zone.

With this concentration of efforts downtown and particularly around our building, we are witnessing the city taking seriously the central role we can and will now play in downtown revitalization. The Mayor has articulated that we are a top priority for her administration, and we really believe it to be true.

Sports teams provide incredible benefits to the surrounding community and drive extraordinary economic impact and a strong public private partnership is essential to sustaining both – which the Mayor recognizes. According to research conducted by the DC Business Improvement District, activity at Capital One Arena generated $54 million in DC tax revenue in 2023. Across our region, public private partnerships are the norm for professional sports teams: the MLB’s Washington Nationals secured $700 million in public financing to build Nationals Park and $400 million in public financing to build Audi Field for the MLS’s D.C. United. The Maryland Stadium Authority recently announced a $1.2 billion investment for Oriole Park at Camden Yards, home of the MLB’s Baltimore Orioles and M&T Bank Stadium, home of the NFL’s Baltimore Ravens, each receiving $600 million for renovations and upgrades on top of the original public funding used in the planning, financing and construction of both.

So, through our own public-private partnership, we will transform Capital One Arena and engage in new space across Gallery Place to create a truly iconic epicenter – worthy of this iconic city. We will get more space, dedicated resources to create the family-friendly entertainment zone we’ve envisioned to service our millions of customers and support for our employees and athletes to make this a destination to attract and retain their talent.

What’s most inspiring in this moment is the City’s shared vision that we achieve great success in our business. The new downtown plan which Mayor Bowser has articulated is impressive and she has made financial commitment from the city. The passage of the new crime bill led by Councilmember Brooke Pinto is very important to all citizens and businesses.

I truly applaud the Mayor for recognizing the incredible value we bring, create and help foster and for evolving the business-friendly climate in D.C. And today we celebrate this incredible milestone for our business, for our city, for our employees, fans, and athletes!

Our work begins now to build a state-of-the-art marquee venue for with new seating options, five-star culinary experiences that go way beyond the traditional game-day fare, and cutting-edge technology, right in the middle of the city. We're on a mission to create a masterpiece – and redefine the sports and entertainment experience, not just for the DMV, but for all sports fans.

Get ready to be part of something extraordinary!

Ted


Parting shots from Leonsis in his letter to the fans….

 

[Neil Racki]

State of play: Leonsis on Wednesday tweeted "incredible info" that Monday's Zach Bryan concert was the highest attended concert in the history of Capital One Arena.

• It was the arena's "highest single night for merchandise sales."

---------------------

Does a sports owner have to run the team as a steward for the city (best interest of city and fans)

or

Does the owner get to run it like a private for profit (for him) business?

I imagine it should be a symbiotic relationship.

I trully believe Ted was doing this 100% for his own personal business interest. After the move was announced, a Monument Exec gave a lengthy interview about how they had to turn down so many concerts and events bc of the Caps/Wiz scheduling.

Ted wanted to keep Cap One to pocket huge profits off concerts while enjoying the caps/wiz profits in VA.

Problem is that lease Abe and he signed for the land was probably contingent on him hosting 80 plus Caps/wiz games a year.

f*** Ted

 

[Empty Goal Net]

Dear Fans and Supporters,

I am thrilled to share that moments ago I signed a letter of intent with D.C. Mayor Muriel Bowser for a major partnership to renovate and modernize Capital One Arena, expanding Monumental's business operations into Gallery Place, transforming Downtown D.C. into a premier entertainment destination. It is one that aligns our growth mindset with a public-private partnership, which we have been seeking.

About an hour ago, we publicly celebrated this big new partnership with the city – the Mayor, City Council, Metro Police, our neighbors, and business partners – and announced this truly new and unique opportunity for collaboration. This is the first and only letter of intent we have signed regarding a new or upgraded facility. I spoke earlier today with the Governor of Virginia, Mayor of Alexandria, and CEO of JBG SMITH, Matt Kelly, to thank them for their time and efforts on our proposal and to inform them of this newly formally signed deal with D.C.

The assertive actions of Mayor Bowser and the D.C. Council juxtaposed against our experience in Virginia evolved our view of the best partner to support the growth of our business. In the past three months, the pivot and great work in D.C. were in stark relief from what we ultimately experienced in Virginia. While the Virginia House of Delegates did great work in evaluating our proposal, the Senate sadly did no work in even providing us a fair hearing on the true financial benefit of the project. Contrasted with the open level of collaboration that we now have in D.C., we know we are in the best position to meet the next big objectives for the benefit of our fans.

What we have been able to negotiate in D.C. gives us tremendous opportunities. First, we are gaining 200,000 square feet of additional space as we will expand our business and hospitality operations into Gallery Place. With this expansion of space, we have the ability to program the arena and campus to drive more options for visitors and provide more services to our players and our fans. We also sought a deal that would right-size our organization with the Nationals, Orioles, and Ravens as to their venues and partnerships with the City and State. We also sought a new level of cooperation with a government entity around services such as traffic mitigation, safety and security, and cleanliness. We also sought a better and more efficient way to communicate with regulatory agencies and cut through red tape with more efficient approvals. We also sought more direct control of our practice facilities and office buildings. And more control of our future.

We expect to create new viewing options, better and different sight lines, more comfortable seating, upgrade technical and functional infrastructure, and modernize the building as we shift from an analog to a digital world.

This new deal achieves most of, if not all, our key objectives. And I was very impressed with the Mayor’s stick-with-it attitude — she never gave up and was always reaching out to me to keep and expand our business operations in D.C. Gratefully, we kept a good dialogue going with the City and our Mayor and have netted this opportunity for a new chapter for our organization.

And that is in no small part because of the tremendous work undertaken by Mayor Bowser and the D.C. Council. Since the announcement that we were pursuing a partnership with Virginia in December 2023, D.C. officials have taken concrete action to support Monumental Sports and the downtown community. In January 2024, the Mayor announced the formation of the Gallery Place/Chinatown Task Force to articulate a defined vision surrounding Capital One Arena and committed $400 million for the Downtown Action Plan and a Downtown Public Realm Plan to ensure the long-term success of Downtown D.C.’s commercial core. The Mayor also opened the first Safe Commercial Corridor Hub in the Chinatown neighborhood staffed by outreach teams from multiple public safety and human services agencies that will be able to respond in real-time to challenges in the community. And earlier this month, the Council passed the Secure DC omnibus legislation with a multi-prong strategy and tactics to combat crime, including a designation around the Chinatown neighborhood as a drug-free enforcement zone.

With this concentration of efforts downtown and particularly around our building, we are witnessing the city taking seriously the central role we can and will now play in downtown revitalization. The Mayor has articulated that we are a top priority for her administration, and we really believe it to be true.

Sports teams provide incredible benefits to the surrounding community and drive extraordinary economic impact and a strong public private partnership is essential to sustaining both – which the Mayor recognizes. According to research conducted by the DC Business Improvement District, activity at Capital One Arena generated $54 million in DC tax revenue in 2023. Across our region, public private partnerships are the norm for professional sports teams: the MLB’s Washington Nationals secured $700 million in public financing to build Nationals Park and $400 million in public financing to build Audi Field for the MLS’s D.C. United. The Maryland Stadium Authority recently announced a $1.2 billion investment for Oriole Park at Camden Yards, home of the MLB’s Baltimore Orioles and M&T Bank Stadium, home of the NFL’s Baltimore Ravens, each receiving $600 million for renovations and upgrades on top of the original public funding used in the planning, financing and construction of both.

So, through our own public-private partnership, we will transform Capital One Arena and engage in new space across Gallery Place to create a truly iconic epicenter – worthy of this iconic city. We will get more space, dedicated resources to create the family-friendly entertainment zone we’ve envisioned to service our millions of customers and support for our employees and athletes to make this a destination to attract and retain their talent.

What’s most inspiring in this moment is the City’s shared vision that we achieve great success in our business. The new downtown plan which Mayor Bowser has articulated is impressive and she has made financial commitment from the city. The passage of the new crime bill led by Councilmember Brooke Pinto is very important to all citizens and businesses.

I truly applaud the Mayor for recognizing the incredible value we bring, create and help foster and for evolving the business-friendly climate in D.C. And today we celebrate this incredible milestone for our business, for our city, for our employees, fans, and athletes!

Our work begins now to build a state-of-the-art marquee venue for with new seating options, five-star culinary experiences that go way beyond the traditional game-day fare, and cutting-edge technology, right in the middle of the city. We're on a mission to create a masterpiece – and redefine the sports and entertainment experience, not just for the DMV, but for all sports fans.

Get ready to be part of something extraordinary!

Ted


Parting shots from Leonsis in his letter to the fans….

Interesting that Ted's letter fails to acknowledge his complicity in creating the situation that lead to the scheme failing in VA. "the [VA] Senate sadly did no work in even providing us a fair hearing on the true financial benefit of the project." As previously noted, the difference between two independent businessmen making a deal and this situation, is that stakeholders (those who have to sign off on $$ expenditures/commitments and the public) need to be engaged if not in the beginning at least earlier in the process before a grand public announcement. Surely someone paid by Monumental was aware of how these projects work and was in a position to advise Ted that the proverbial ducks had not been lined up when he decided to do a cannonball into the pool. So Yungkin's failure is shared with Ted and his crew. Whingy cheap shot to blame the VA Senate.

 

[usiel]

Interesting that Ted's letter fails to acknowledge his complicity in creating the situation that lead to the scheme failing in VA. "the [VA] Senate sadly did no work in even providing us a fair hearing on the true financial benefit of the project." As previously noted, the difference between two independent businessmen making a deal and this situation, is that stakeholders (those who have to sign off on $$ expenditures/commitments and the public) need to be engaged if not in the beginning at least earlier in the process before a grand public announcement. Surely someone paid by Monumental was aware of how these projects work and was in a position to advise Ted that the proverbial ducks had not been lined up when he decided to do a cannonball into the pool. So Yungkin's failure is shared with Ted and his crew. Whingy cheap shot to blame the VA Senate.

I agree with this mostly. That they would NOT negotiate further on that big deal was a bit glaringly dumb. Lucas doesn't come across well either with her childish trolling/flaming and wanting toll relief for Hampton Roads, etc..

Still astonishes me just how BAD Youngkin is at politics with a deal like this.

 

[alphabetical]

I agree with this mostly. That they would NOT negotiate further on that big deal was a bit glaringly dumb. Lucas doesn't come across well either with her childish trolling/flaming and wanting toll relief for Hampton Roads, etc..

Still astonishes me just how BAD Youngkin is at politics with a deal like this.

Once it came out that ted's proposal was expecting 750$/night in the hotel and 75$ parking, I don't think there's any reason for anyone to engage in good faith negotiations. The proposal wasn't realistic, and it didn't deserve to be taken seriously.

 

[usiel]

Once it came out that ted's proposal was expecting 750$/night in the hotel and 75$ parking, I don't think there's any reason for anyone to engage in good faith negotiations. The proposal wasn't realistic, and it didn't deserve to be taken seriously.

Oh for sure estimates seemed WAY generous. Honestly the whole project price tag was something that I would expected to come way down if the deal was open for negotiation but it wasn't.

 

[DWGie26]

I was excited about PY complex because of the complex. Like that entertainment venue vision. Wasn’t excited about what would have been a miserable commute.

It will be interesting to see exactly what can be done to expand the entertainment complex in DC. I used the new Jose Andres club and lounge last game. That was a really fun new experience and I plan to use it again on Saturday.

I think Ted is trying to take over all of Gallery Place as well but not sure if city owns that or someone else. Could buy other real estate as well. A smaller concert venue maybe? Hopefully something. And I believe he will get creative.

 

[Empty Goal Net]

I think Ted is trying to take over all of Gallery Place as well but not sure if city owns that or someone else. Could buy other real estate as well. A smaller concert venue maybe? Hopefully something. And I believe he will get creative.

I don't follow downtown DC stuff as much as I did before I stopped working there, but this got me wondering whether Ted made a play for the WMATA/Metro building property across 6th Street from the arena. A web search shows that the property is being redeveloped by another entity. Seems like this could've been another area adjoining the arena potentially linked by over-the-road or underground passageways to give him the footprint he seems to desire.

otoh, maybe he didn't want to get involved because it would've required private financing and his being on the hook for the money.

 

[DWGie26]

I don't follow downtown DC stuff as much as I did before I stopped working there, but this got me wondering whether Ted made a play for the WMATA/Metro building property across 6th Street from the arena. A web search shows that the property is being redeveloped by another entity. Seems like this could've been another area adjoining the arena potentially linked by over-the-road or underground passageways to give him the footprint he seems to desire.

otoh, maybe he didn't want to get involved because it would've required private financing and his being on the hook for the money.

Interesting. Didn’t know that. But some of it just has to be private funds. Ted knows this.

I have no issue with Billionaire owners looking for public funds because it does revitalize an area and brings tons of money into the area. And it is good money and people. Sports in the US has become very corporate and those going to the games aren’t poor which means they spend money and generally are a good “element”. The city/area wins. Owners win. Fans win. Residents win.

Monumental has brought billions of dollars to the city. So yeah, collecting a half billion to take it to the next level should be a no brainer. And fans and residents should be ticketed because if they left that would suck for residents and the city.

Overall, good outcome for everyone here including the 515M.

 

[dreadpirateroberts]

https://www.washingtonpost.com/dc-md-va/2024/03/30/dc-bowser-arena-leonsis-wizards-capitals-deal/

There was the enormous public safety omnibus bill, Secure D.C., that the D.C. Council passed March 5, including controversial anti-loitering “drug-free zones” — one of which police quickly set up right outside the arena at the Chinatown-Gallery Place Metro stop.

I don’t think that it’s necessarily controversial. That has been issue

 

[usiel]

https://www.washingtonpost.com/dc-md-va/2024/03/30/dc-bowser-arena-leonsis-wizards-capitals-deal/

I don’t think that it’s necessarily controversial. That has been issue

Curious if ther are opposing opinions on thisl

 

[Midnight Judges]

Interesting. Didn’t know that. But some of it just has to be private funds. Ted knows this.

I have no issue with Billionaire owners looking for public funds because it does revitalize an area and brings tons of money into the area. And it is good money and people. Sports in the US has become very corporate and those going to the games aren’t poor which means they spend money and generally are a good “element”. The city/area wins. Owners win. Fans win. Residents win.

Monumental has brought billions of dollars to the city. So yeah, collecting a half billion to take it to the next level should be a no brainer. And fans and residents should be ticketed because if they left that would suck for residents and the city.

Overall, good outcome for everyone here including the 515M.

I think you're giving the billionaire class a bit too much credit here. They aren't actually creating much of anything. DC is a large market. Having major sports teams is basically a given. If it wasn't Ted, it would be someone else doing it.

 

[VaCaps Fan]

They need those zones to regulate the bums smoking that nasty mall weed.

 

[bacchist]

They need those zones to regulate the bums smoking that nasty mall weed.

You've mentioned smelling bad weed a number of times. I'm a bit confused, because in my experience if you're smelling weed out in the open air it's because it's dank. Like, unless somebody's blowing it in your face, isn't dirt weed just going to fade away pretty fast? Whenever I'm out and I really notice that somebody has been smoking, it's skunky and you know it's fire.

Do you just not like weed or is this something specific I'm not aware of?

 

[VaCaps Fan]

It’s the guys near the metro that smelI in my opinion. I don’t reallly care about it, just like talking it online as culture thing like “what happens outside capital one arena”….

 

[bacchist]

Ah, ok. Yeah that makes sense if it's one spot like that. Can't say I've noticed it, but it's been a while since I went that way.

I mean, like I said, usually when I'm out and about and catch a whiff it smells great. I tend to think DC has decent weed in general.

 

[VaCaps Fan]

Yeah no problem with that, I usually vape up there.

 

[Neil Racki]

You've mentioned smelling bad weed a number of times. I'm a bit confused, because in my experience if you're smelling weed out in the open air it's because it's dank. Like, unless somebody's blowing it in your face, isn't dirt weed just going to fade away pretty fast? Whenever I'm out and I really notice that somebody has been smoking, it's skunky and you know it's fire.

Do you just not like weed or is this something specific I'm not aware of?

Its the blunts that give it the bad smell.

half the times, guys are re sparking the second half of a blunt that they snubbed out a few hours ago. Thats the real bad noticeable, take me back to the 90s smell.