Washington Capitals and Washington Wizards to Move to Alexandria, Virginia in $2 Billion Entertainment Complex

The NHL’s Washington Capitals and NBA’s Washington Wizards are set to relocate to Alexandria, Virginia, as part of a $2 billion entertainment complex initiative, according to an announcement made by Virginia Governor Glenn Youngkin on Wednesday.

New Global Headquarters and Home Arena

The development, located approximately 8 miles south of Washington, D.C., will serve as the new global headquarters for Monumental Sports & Entertainment, the parent company of the Capitals and Wizards. It will also house the teams’ new home arena. Spanning over 9 million square feet, the district will feature a mix of retail, hotel, and conference spaces.

“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 corporate headquarters, and over 30,000 new jobs – this is monumental,” stated Governor Youngkin.

Construction and Opening

The construction of the complex is scheduled to commence in 2025, with an anticipated opening in late 2028.

Legislative Approval Required

The development is contingent upon legislative approval, as mentioned in the statement. The creation of the complex will need to be authorized by legislators during the upcoming Virginia General Assembly session.

Investment Details

The $2 billion investment for the project will be funded through bond sales and a $403 million contribution from Monumental Sports & Entertainment.

“We are committed to providing world-class fan experiences while continuously evolving our teams, deepening community ties, and solidifying our role as leaders at the forefront of sports and technology,” said Ted Leonsis, Chairman and CEO of Monumental Sports & Entertainment in a separate statement.