NOVEMBER 2024, Volume 72, Issue 55
A Publication of The Capital News Service Inc.
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The Untold Stories
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Mayor Bowser announces Capital One public-private partnership By: Ashleigh Fields D.C. Mayor Muriel Bowser proposed legislation to purchase Capital One Arena from Monumental Sports for $87.5 million in an effort to revitalize the downtown area. The new bill would enable the city to build upon the approved $515 million investment geared towards renovating the arena over the next three years. “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,” Mayor Bowser released in a 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.” Under the agreement, The District would become owner of the arena while Monumental Sports leased the site. Bowser’s bill gives the company an option to stay 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
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(Pictured: Capital One Arena 601 F St NW, Washington, DC)
experience for fans, a world-class destination facility for athletes and continue to serve as a downtown anchor for economic vitality,” said Ted Leonsis. “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 continued on P4
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