DC Mayor Bowser proposes $87.5 million purchase of Capital One Arena; project renderings released

WASHINGTON - Washington, D.C. Mayor Muriel Bowser has proposed legislation to purchase Capital One Arena for $87.5 million.

This move is part of a larger $515 million plan to renovate the arena over the next three years, as agreed upon by the city council and Monumental CEO Ted Leonsis earlier this year.

The renovation plan was devised after Leonsis threatened to relocate the Washington Wizards and Washington Capitals to Potomac Yard in Virginia, a negotiation that concluded in March. 

D.C. already owns the land under Capital One Arena. Under Bowser’s proposed bill, the city would acquire the arena and lease it back to Monumental Sports.

READ MORE: Caps, Wizards not moving to Potomac Yard, staying in DC

"The delivery of a brand-new arena marks the next significant investment Monumental Sports is making in the revitalization of Downtown D.C., 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," Leonsis released in a statement Monday. "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."

"We’re keeping Washington’s teams where they belong – here in the Sports Capital, and we’re doubling down on having a world-class destination and entertainment district in the center of DC," said Bowser added in 
Monday's statement. "We know that when our Downtown does well, our city does well. This catalytic investment is an investment in our residents and businesses in all eight wards."