Confirmed with Link: Capitals to VA is dead. DC decides to pay $515 million dollars to upgrade capital one

[TheMoreYouKnow]

another note the wizards moving to Alexandria opens Baltimore right up for a NBA expansion franchise

Wouldn't Baltimore need an arena first? They just pumped a lot of money into CFG Bank Arena which is too small for an NBA team.

 

[Ovie's Neighbor]

The wild thing about Caps Center is it was done the "right way", and the city still thumbs their nose towards the organization.


Yet, they're charging Ted close to 40 million dollars (can't imagine it hasn't gone up since 2016) while dropping their side of the bargain.



So like...why would anyone want to stick around?

This is me being an idiot but if the arena was privately financed why is there a DC mortgage? Does Ted own the building but DC owns the land and that is what he paying for?

 

[Brian23]

This is me being an idiot but if the arena was privately financed why is there a DC mortgage? Does Ted own the building but DC owns the land and that is what he paying for?

Yes, they charge them for the land.

 

[Ovie's Neighbor]

Yes, they charge them for the land.

36 million a year for that? Is that the going rate if for example some residential buildings where placed there?

 

[nickp91]

Everyone said the Braves moving to Cobb County would be a miserable failure and now it’s become the model of modern team ownership

 

[ClevelandCapsfan]

For comparison’s sake:

OKC Voters Approve Funding For New Thunder Arena​

December 13th, 2023 at 9:39am CST by Luke Adams
Residents of Oklahoma City overwhelmingly approved a proposal to use taxpayer dollars to fund the majority of a new arena for the Thunder, according to reports from Joe Mussatto of The Oklahoman and Sean Murphy of The Associated Press.

The vote, which occurred on Tuesday, asked OKC residents whether or not to approve a 1% sales tax that would fund approximately $850MM of the arena project. According to the Oklahoma State Election Board, 71% of the respondents voted in favor of the plan.

Under the proposed deal, Thunder owner Clay Bennett will also contribute $50MM to the construction of the arena, which is expected to cost around $900MM.
An exact location for the new building has yet to be determined, though mayor David Holt said finalizing that detail will be “one of the first orders of business.” According to Mussatto, the most likely location is the land currently occupied by Prairie Surf Studios (the former home of the Cox Convention Center).

The hope is that the new arena will be ready for the 2029/30 season. The Thunder have committed to play in the building for at least 25 years, which means the franchise would remain in Oklahoma City through at least 2054.

Since moving from Seattle to Oklahoma City in 2008, the Thunder (formerly the SuperSonics) have played in the Paycom Center, which opened in 2002. OKC voters previously approved a sales tax to finance upgrades to that arena — that taxwill remain in effect until April 1, 2028, which is when this newly approved tax will begin.

 

[Brian23]

36 million a year for that? Is that the going rate if for example some residential buildings where placed there?

No idea what the going rate is, but I think that's a total thing. I had thought I heard the land was 14, but other taxes and things were levied on them to get it up to the 36. Going by Ted's number, most teams only have to pay 3 to 4 million for the land.

DC just seemed to want to milk the Capitals and Wizards.

 

[Empty Goal Net]

Not a fan of money-hungry m/billionaires, but at least Ted didn't pull an Abe.

[Steve] Mehlman . . . was a season ticket holder the first time the team sold out 10 games in a row.

That came in 1982. [T]he original streak, which Mehlman had a big hand in pulling off, symbolized the franchise’s failures. It only came about after original Caps owner Abe Pollin, in a time of crisis, announced a series of ultimatums for fans and the local business community.

Pollin’s demands: Prince George’s County must cut the amusement taxes the Caps paid by 95 percent; the rent the Caps paid to Capital Centre must be reduced by two-thirds (Pollin also owned the building, so, no surprise, this demand was met quickly); at least 7,500 season tickets must be sold; and the first 10 home games of the 1982-’83 season must be sellouts.

Patty Hearst’s kidnappers didn’t play harder ball than Pollin: If all of his demands weren’t met within 30 days, Pollin pledged again and again, he’d disband or move the Caps.

“He meant it,” says Mehlman. “Abe Pollin is a man of his word. But we couldn’t let that happen.”

Darker Times

 

[dreadpirateroberts]

 

[Ovie's Neighbor]

Would the 500 million be used for upgrades? Would that come in the form of lowered mortgage obligations?

Feels like at this point the vision Ted has is to have this whole facility and entertainment district and no amount of money from DC will get him that. So did DC ever have a chance to keep the team?

 

[Ovechkins Wodka]

Would be something for Ted to take the money for the WNBA team and still move the NBA and NHL teams

 

[AlexBrovechkin8]

Have you been over to Potomac Yard recently? Traffic is already horrible, and there are probably 1000 new residential units sitting empty. When those fill up and HQ2 moves in, that Rt. 1 corridor will be more miserable, and that's not even considering the impact 20,000 people coming in 120+ days a year will have.

It's a nightmare and has been for years. I used to take the back road behind the Target when traveling to and from Crystal City to Old Town and that was pre-2020. They could build a double decker bridge on top of Route 1 and it would still be a nightmare. Plus, as you said, the City of Alexandria is redeveloping all of North Old Town and that overpass bridge between PY and NOT is being developed as "The Gateway of Alexandria" so there's really no end in sight. North Old Town and Potomac Yards are literally unrecognizable than they were 10 years ago. They are throwing condos and apartments up left and right. When I first moved here there were zero residential high-rises across from me on Route 1 and now there are... 5? Maybe more with the ones under construction? And the GM of Metro is talking about budget shortfalls which will lead to reduced service hours and fewer operational trains? Good f***ing luck with that.

One other thing to note: the Target in Potomac Yards is the busiest target in North America. True story. Going to be interesting to see how they accommodate Target during these years of construction. And they better not get rid of the Total Wine in Potomac Yards... I waited years for that thing to come in.

 

[Devil Dancer]

I'd be pissed if the Total Wine goes away, but the Balston store isn't that much farther.

I was just at that new metro stop this weekend. It's nice, but it's a long walk to anything. Though from the plans it looks like the arena would be pretty close to Metro.

But where are the drivers going to park? There's no parking other than the strip mall parking.

 

[dreadpirateroberts]

 

[Calicaps]

When I come to DC for work, I only have to walk 2 blocks to CapOne to catch a game. Used to meet my dad for drinks next door to our offices. But dad's long gone and with any luck I'll have a new job before this all happens anyway.

 

[NobodyBeatsTheWiz]

Everyone said the Braves moving to Cobb County would be a miserable failure and now it’s become the model of modern team ownership

I don't think anyone is saying it'll be bad for the Caps. It's just a significant downgrade for the fans and locals.

 

[hockeykicker]

 

[IafrateOvie34]

You were lucky, I got back at 2:00 am!

My friend, that is some hardcore dedication! Love it.

 

[hockeykicker]

new proposed arena says 20,000 seats which would put it at second biggest in nhl

 

[zappa4ever]

I do like the poss for tailgate watch parties with the open area between bldgs (where they show the concert stage/chairs set up); love how Tampa's is set up

Not sure about almost every other reason for moving except $$

 

[hockeykicker]

I do like the poss for tailgate watch parties with the open area between bldgs (where they show the concert stage/chairs set up); love how Tampa's is set up

Not sure about almost every other reason for moving except $$

In 2016, Leonsis said he had "the worst building deal in professional sports," according to the Washington Post, which reported that he said he was paying $14 million per year in interest, $9 million in principal and maintenance costs that the year before cost $13 million. "By comparison, he said, most teams pay rent of $3 million to $4 million to play in municipally owned arenas," the Post reported.

 

[g00n]

I hear the area smells like poo, and being so close to Reagan Natl it'll probably sound like loud poo

 

[SherVaughn30]

4 ICE COMPRESSORS WITH SUFFICIENT AMBIENT TEMPERATURE AND PROPER VENTILATION PLEASE!!!!

 

[zappa4ever]

In 2016, Leonsis said he had "the worst building deal in professional sports," according to the Washington Post, which reported that he said he was paying $14 million per year in interest, $9 million in principal and maintenance costs that the year before cost $13 million. "By comparison, he said, most teams pay rent of $3 million to $4 million to play in municipally owned arenas," the Post reported.

Yeah I had read some of those details...

Mayor Bowser was saying the City had made multiple offers in recent months so I assume there was plenty of wiggle room to compensate;
I think Ted selfishly wanted something brand new and shiny that he could call his own and profit more off of and with the lack of avlbl Real Estate around Chinatown he saw the ($) ($) cartoon eyeballs popping that Potomac Yards will likely provide

Hey maybe it turns out great with many cool ideas but there is something to having it right in D.C. so close to so many historic/iconic/walkable things and just steps from Metro

 

[VaCaps Fan]

Yeah riding the metro into gallery place is amazing.