Capital One Arena is set for a six-phase, $800 million renovation completion by fall 2027. Monumental Sports and Entertainment CEO Ted Leonsis emphasizes the project's importance for economic development in Washington, D.C. A $515 million investment approved by the DC council will enhance the arena's exterior and create a new 'People's Plaza' for fans. Modernizing the arena aims to create a better fan experience and improve community engagement, despite concerns over taxpayer costs.
"I think it's very, very important for our cities to be fully developed economically and we have to get people back into the office," he said. "We have to keep businesses flowing and we're a portal. We can bring in three million people a year... I think sports teams now have become this massive meeting and gathering place."
The DC council approved $515 million to be put towards transforming the arena's exterior, including the formation of a 'People's Plaza,' which will create a large outdoor area for fans to congregate throughout the year.
Leonsis insisted that, despite the steep expense for DC taxpayers, modernizing the nearly 28-year-old arena and expanding his company's control over the surrounding area downtown will only benefit fans and residents.
[We're] trying to rehab the building, reimagine it to make it modern, make it a much friendlier, much more bespoke experience for the fans because the fans are very demanding now.
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