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Is DC going to buy it or something? I watched news clips that stated that Leonsis owns the Capital One Arena outright and that he plans to keep it open and play women's games there.
How badly must he want out of DC to leave an arena that he owns outright?
"ground lease is an agreement that permits a tenant to develop a piece of property during the period of the lease. After the lease period, the land and all improvements the tenant makes return to the property owner. Ground leases may also be referred to as land leases since the landlord is leasing out only the land."
"Capital One Area opened in 1997 and Monumental’s ground lease is set to expire in 2027. Monumental owns the arena, but leases the land from the District. The two teams are expected to continue playing there until the new arena is ready in 2027."
Why? Arena's are pretty vibrant, especially compared to a mediocre mall. They don't have as much to offer locals but they bring in crowds that support locals businesses which is a great benefit.
Unless you mean that they want taxpayers to build it. That would be a hard no for me.
To clarify, I am not against it, but I question how much an arena will improve the area. East Market Street (8th-11th) is a tired stretch that needs some TLC, and if an arena replaces half the mall, then the area needs a master plan for the adjacent blocks that introduces cohesive residential, hotels, retail, streetscape improvements, etc. It could be a transformative project if done right.
The Sixers owners are making a good effort in addressing residents concerns, and the project would be privately funded (which is huge).
The final plans haven't been fully developed / approved, but demo of the mall would start in 2026 and the arena would open for the 2031/32 season. And at the end of the day, East Market Street needs a shakeup, and an arena will likely be it.
To clarify, I am not against it, but I question how much an arena will improve the area. East Market Street (8th-11th) is a tired stretch that needs some TLC, and if an arena replaces half the mall, then the area needs a master plan for the adjacent blocks that introduces cohesive residential, hotels, retail, streetscape improvements, etc. It could be a transformative project if done right.
The Sixers owners are making a good effort in addressing residents concerns, and the project would be privately funded (which is huge).
The final plans haven't been fully developed / approved, but demo of the mall would start in 2026 and the arena would open for the 2031/32 season. And at the end of the day, East Market Street needs a shakeup, and an arena will likely be it.
My biggest concern is if we get the arena, we'll really be stuck with it. Other development potential is more flexible as businesses come and businesses go, and nothing else is going to dominate the area like an entire arena.
The obvious pushback is that there are no other major potential projects at the moment, and the area is in need of TLC. I get that. I just don't think we need to jump into something that will be (practically) impossible to reverse.
I do think the tale of the Capitol One arena is one to take as cautionary. I love that Philly has a real Chinatown, and I'd hate to see it go in favor of big business commercialization. Yes, Market St. East is in need of revitalization. But not all development is simply 'good' development. With patience, I bet we'll see projects that more gracefully transform the area without putting Chinatown out to pasture.
My biggest concern is if we get the arena, we'll really be stuck with it. Other development potential is more flexible as businesses come and businesses go, and nothing else is going to dominate the area like an entire arena.
The obvious pushback is that there are no other major potential projects at the moment, and the area is in need of TLC. I get that. I just don't think we need to jump into something that will be (practically) impossible to reverse.
So the arena is good but your worry is that sometime in the future it won't be wanted anymore? That seems very low risk to me. How often do cities want arenas to leave. Less regret risk than an apartment or office building imo.
"ground lease is an agreement that permits a tenant to develop a piece of property during the period of the lease. After the lease period, the land and all improvements the tenant makes return to the property owner. Ground leases may also be referred to as land leases since the landlord is leasing out only the land."
"Capital One Area opened in 1997 and Monumental’s ground lease is set to expire in 2027. Monumental owns the arena, but leases the land from the District. The two teams are expected to continue playing there until the new arena is ready in 2027."
Yeah, the end of lease aligns with them moving so there's an opportunity. Hope that it works out. If it were LA, it'd almost certainly become affordable housing.
So the arena is good but your worry is that sometime in the future it won't be wanted anymore? That seems very low risk to me. How often do cities want arenas to leave. Less regret risk than an apartment or office building imo.
No, that's not exactly what I said. I guess there's a reason you omitted my final paragraph.
No, that's not exactly what I said. I guess there's a reason you omitted my final paragraph.
I didn't understand how it related to your first two paragraphs. DC wants the teams to stay. Their regret is that they didn't do more to keep the team when they had the opportunity.
Just left DC after spending a few days there. Was by the convention center.
Uh… where the **** is “downtown?”
I’ll say I loved the city as a whole, how vibrant the streets/sidewalks are all throughout… But as far as having a “downtown?” Where?
It generally reminds me of a less condensed version of the villages in Manhattan.
DC doesn't have a traditional downtown in the sense of soaring skyscrapers criss crossed with narrow one-way street. It's intentionally European in design/layout with strict height limits.
But officially downtown DC is pretty much everything immediately north of the White House to P St. NW (Logan & Dupont Circle).
DC doesn't have a traditional downtown in the sense of soaring skyscrapers criss crossed with narrow one-way street. It's intentionally European in design/layout with strict height limits.
But officially downtown DC is pretty much everything immediately north of the White House to P St. NW (Logan & Dupont Circle).
So does this mean that Metro Center subway station, where both of DC's homegrown department stores were located, is not in "downtown" DC? The station is located three blocks east of the White House.
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