• Loading stock data...
Wednesday, September 17, 2025

Leonsis, Virginia Unveil $2B Plan For Arena, Mixed-Use Development

  • Capitals, Wizards owner unveils dramatic plan in Alexandria.
  • Capital One Arena neighborhood has been the site of rising local tensions.
Monumental Sports & Entertainment

Washington, D.C.’s Capital One Arena was an influential early example of the use of sports facilities as centerpieces for urban renewal efforts. Though it took several years after its 1997 opening, the venue’s Chinatown neighborhood saw a marked rise in commercial activity, to the point where gentrification complaints were ultimately raised.

Twenty-six years later, Monumental Sports & Entertainment chairman Ted Leonsis, who owns the Washington Wizards and Capitals, is thinking even bigger. 

Leonsis and Virginia Gov. Glenn Youngkin announced on Wednesday plans to develop a $2 billion sports and entertainment district in Alexandria’s Potomac Yard, with the project set to include not only a new arena but a new practice facility for the Wizards, a performing arts center, a studio for the company’s Monumental Sports Network, hotels, a convention center, housing, and retail. 

The plan ultimately looks to take many of the same concepts initially applied to the development of Capital One Arena, but in a much larger, more unified project, and one keeping in the current “mini-city” trend sweeping the sports industry. MSE and Youngkin are targeting a 2028 opening.

“When we first came out here, I saw 70 acres and the ability to start with a clean slate, and imagine what an arena 30 years from now [would] need,” Leonsis said. “It really is a very, very romantic, but also pragmatic, vision that we have, [one] that we can’t do anywhere else.”

Public funding toward the effort will require legislative approval from the full Virginia General Assembly. “We’ve still got some work to do,” said Sen. Mark Warner of Virginia. “All of this will have to come together in a way that makes sense.”

District Battles

A key element in the background of Leonsis’s plans is the current state of D.C.’s Chinatown neighborhood. After that area’s rise, the pandemic and a more recent crime wave have heightened tensions

Leonsis says he is now eyeing Capital One Arena as a hub for women’s sports, including his own WNBA Mystics, and for concerts. But hours before the Wednesday announcement in Virginia, D.C. officials unveiled their own plan to provide $500 million in public money to renovate the current arena, now one of the oldest in both the NBA and NHL, and keep the Wizards and Capitals around.

That proposal is a marked reversal from prior resistance to MSE requests of up to $600 million in public funding.

“We know it’s best for the city, and quite frankly, we think it’s best for the entire [region],” said D.C. mayor Muriel Bowser. 

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Commanders’ $3.8B D.C. Stadium Nears Key Council Vote

The Commanders’ proposed $3.8 billion stadium deal is poised for final approval.

Trump’s Golf Empire Grows With 5th Big Tournament in 2 Years

The DP World Tour is heading to Trump International Golf Links Ireland.

More Dildo Throwing During WNBA Games Leads to Second Arrest

The 18-year-old threw a dildo that hit another fan and his young niece.

Smelling Salts Not Banned in the NFL, but Teams Can’t Hand Them..

Teams are banned from supplying smelling salts to their players.

Featured Today

Premier Lacrosse League

‘The Circus Is Coming to Town’: Why Upstart Leagues Start on Tour

In their ambitious plans, a traveling schedule is only temporary.
PHILADELPHIA, PENNSYLVANIA - APRIL 19: A detailed view of the MLB Debut patch on the jersey of Patrick Monteverde #44 of the Miami Marlins prior to game against the Philadelphia Phillies at Citizens Bank Park on April 19, 2025 in Philadelphia, Pennsylvania.
September 13, 2025

The Tiny Jersey Patch at the Center of the MLB Rookie Card..

Autographed cards containing a piece of baseball history have upended the market.
September 11, 2025

Eagles-Chiefs Super Bowl Rematch Could Set More NFL Ratings Records

Fox will nationally televise Sunday afternoon’s matchup.
September 10, 2025

ESPN’s ‘MNF’ Ratings Up 8% As NFL Surges to Strong Start

ESPN posts its second-best Week 1 “Monday Night Football” audience.
January 5, 2025; Maui, Hawaii, USA; Hideki Matsuyama hits his fairway shot on the 13th hole during the final round of The Sentry golf tournament at Plantation Course at Kapalua.

PGA Tour’s January Season Opener Won’t Be Played At Kapalua

The Sentry’s longtime home is no longer able to host the tournament.
Aug 22, 2025; Bridgeview, Illinois, USA; Chicago Stars FC forward Jameese Joseph (8) passes the ball during the first half of a match against the North Carolina Courage at SeatGeek Stadium.
September 4, 2025

Chicago Stars FC Move to Evanston After 12 Years in Bridgeview

Stadium plans beyond the 2026 season aren’t solidified. 
Aug 23, 2025; New Orleans, Louisiana, USA; Detailed view of the Denver Broncos helmet against the New Orleans Saints during warmups at Caesars Superdome.
September 9, 2025

Broncos Eye 2031 Opening for New Multibillion-Dollar Stadium

The NFL team plans a new venue and mixed-use development.
Sponsored

How World Series Champ Dexter Fowler Became a Premier League Team Owner

Dexter Fowler discusses navigating retirement and embracing new roles as an owner & investor.
August 28, 2025

As CFB Programs Add Corporate Field Logos, Are Jersey Patches Next?

Texas is adding a sponsor’s logo to its football field this season.
Dec 10, 2024; Salt Lake City, Utah, USA; A general view of the Delta Center before the game between the Utah Hockey Club and the Minnesota Wild.
August 19, 2025

Utah’s Sports Boom Expands Into Music, Emulating Atlanta

The Jazz and Mammoth owner strikes a major deal with Live Nation.
August 18, 2025

Browns $2.4B Stadium Plan Runs Into Airspace Turbulence

The team’s proposed stadium is deemed a threat to nearby airport operations.
Sofi Stadium
August 14, 2025

Los Angeles Olympics Will be First to Sell Venue Naming Rights

The decision breaks with a longstanding Olympic policy.