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Washington DC & Mid-Atlantic  + DC  + Hospitality  |  October 21, 2024
Jasmine Kilman
By: Jasmine Kilman

Mayor Bowser, Monumental Sports Advance Plans to Transform Capital One Arena

D.C. Mayor Muriel Bowser has submitted a new bill to the D.C. Council to transfer ownership of Capital One Arena to the city, keeping the Washington Capitals and Wizards in D.C. through at least 2050.

“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 Mayor Bowser. 

If approved, the District would buy the venue for $87.5 million and then lease it back to Monumental Sports & Entertainment, the ownership group of both sports teams, until 2050. In April, the D.C. Council approved allocating $515 million to redevelop the arena.

“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,” said Monumental Founder & CEO Ted Leonsis.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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