Monumental Sports & Entertainment (MSE) have announced that they’ve reached a new public-private partnership with DC Council to transform the Capital One Arena and revitalize Gallery Place-Chinatown in Downtown DC.
Under the agreement, the District will purchase Capital One from MSE for $87.5 million. The purchase price funds will be directly reinvested into the project. MSE will lease the Arena back from the District under an amended and restated lease. Under the terms of the lease, MSE will be in Washington, DC through 2050, with five renewal options of four years each, for a potential additional twenty years beyond 2050, if exercised.
This arena transformation marks the next significant investment Monumental Sports is making in the revitalization of Downtown DC, and we will build a best-in-class experience for fans, a world-class destination facility for athletes and continue to serve as a downtown anchor for economic vitality. Our vision for a wholly re-imagined sports and entertainment destination will be ambitious, reflective of our community, and designed to ‘wow’ our most ardent supporters as well as casual fans. We want to capture the magic that comes from providing the most entertaining experience – which every guest deserves. – Ted Leonsis
Courtesy – Monumental Sports
