The National Hockey League's Washington Capitals and the National Basketball Association's Washington Wizards plan to move to Alexandria, Virginia, as part of a $2 billion entertainment complex, Gov. Glenn Youngkin announced Wednesday.
The project, located approximately eight miles south of Washington, DC, will house the new global headquarters for Monumental Sports & Entertainment, owner of the Capitals and Wizards, as well as the new home arena for the teams. The 9 million square foot precinct will also include mixed-use retail, hotel and conference spaces.
Virginia Governor Glenn Youngkin answers questions after announcing a new sports arena for the Washington Wizards NBA basketball team and the Washington Capitals NHL hockey team, December 13, 2023 in Alexandria, Virginia.
Win Mcnamee | Getty Images News | Getty Images
“This is the most visionary sports and entertainment development in the world. The Commonwealth will now be home to two professional sports teams, a new headquarters and more than 30,000 new jobs – this is monumental,” Youngkin said in a statement.
Construction of the complex is expected to begin in 2025 and is expected to open in late 2028.
The development is subject to regulatory approval, the statement said. Lawmakers will have to give the green light to the complex's creation at the next session of the Virginia General Assembly.
An aerial view shows the site of a new sports arena for the Washington Wizards NBA basketball team and the Washington Capitals NHL hockey team on December 13, 2023 in Alexandria, Virginia.
Win Mcnamee | Getty Images News | Getty Images
The $2 billion investment will come from the sale of bonds and a $403 million contribution from Monumental Sports & Entertainment.
“We are committed to providing world-class fan experiences while continually developing our teams, deepening community ties and solidifying our role as leaders at the forefront of sports and technology,” said Monumental Chairman and CEO Ted Leonsis in a statement separate statement.
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