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D.C. Mayor Submits Plan for City to Buy Capital One Arena for $88M

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D.C. Mayor Submits Plan for City to Buy Capital One Arena for M


After a whirlwind year for Washington, D.C.’s Capital One Arena, officials have gone from nearly losing both the city’s pro basketball and hockey teams less than a year ago, to attempting to buy their home arena outright. 

District Mayor Muriel Bowser submitted legislation to the D.C. Council to acquire the arena for $87.5 million, as part of the city’s commitment toward spending $515 million to renovate the arena and part of the surrounding area over the next several years. NBC4 first reported the news of the legislation on Sunday. 

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Under the bill, D.C. would buy the arena from Monumental Sports & Entertainment, which also owns the Wizards and Capitals, and then lease it back to Monumental for $1.5 million per year. The lease would run until 2050 with five four-year extension options. If all of those renewal options are greenlighted, rent will increase to $3.3 million during the final renewal term. D.C. already owns the land on which the arena is built. 

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Monumental said that it would also spend $285 million toward the improvements, along with the $87.5 million arena sale proceeds, making the renovation budget a cool $800 million in public and private funds.

“We know that when our downtown does well, our city does well,” Bowser said in a statement Monday. “This catalytic investment is an investment in our residents and businesses in all eight wards.”

Bowser’s plan to buy the arena extends a stunning reversal in good fortune since Monumental founder and Chairman Ted Leonsis and Virginia Gov. Glenn Youngkin announced in December that the teams would move across the Potomac, once the company’s ground lease in D.C. expired in 2027. Yet Virginia’s General Assembly ultimately opted not to approve the plan, which would’ve cost some $1.5 billion in taxpayer funds toward the construction of a 9 million-square-foot entertainment district in Alexandria’s Potomac Yard neighborhood. 

Bowser and Leonsis quickly negotiated the $515 million deal in the aftermath. The deal will include 200,000 square feet of “newly programmed space” at the arena and at the adjacent Gallery Place building, a new practice facility for the Wizards, safety and logistics upgrades, expedited permitting processes, improvements to the alley joining the arena to the rest of the Gallery Place neighborhood, and other terms. 

Bowser’s team and Monumental on Monday said that the improvements were expected to be finished in time for the 2027-2028 sports season.

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“The delivery of a brand-new arena marks the next significant investment Monumental Sports is making in the revitalization of Downtown D.C., and we will build a best-in-class experience for fans, a world-class destination facility for athletes, and continue to serve as a downtown anchor for economic vitality,” Leonsis said in a statement. “Our vision for a wholly reimagined sports and entertainment destination will be ambitious, reflective of our community, and designed to ‘wow’ our most ardent supporters as well as casual fans.”

Nick Trombola can be reached at ntrombola@commercialobserver.com.



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Washington, D.C

Storm Team4 Forecast: A chilly, gusty Sunday before a cool start to the week

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Storm Team4 Forecast: A chilly, gusty Sunday before a cool start to the week


4 things to know about the weather:

  1. Chances of rain in the morning
  2. Gusty Sunday
  3. Chilly Monday
  4. Temps will rise again through the work week

Download the NBC Washington app on iOS and Android to check the weather radar on the go.

After a nice and warm Saturday, changes arrive for part two of the weekend.

The first half of your Sunday will have a chance for showers. Winds will pick up with our next system and are expected to gust to about 20-30 mph. Cooler air will settle in, and lows Sunday night fall into the 40s.

Highs temps Monday will reach only into the mid to upper 50s.

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However, temperatures will rise through the week, so you won’t need your jackets every day.

QuickCast

SUNDAY:
Showers, then partly cloudy
Wind: NW 10-15 mph
Gusts @ 30 mph
HIGH: Lower 60s

MONDAY:
Partly cloudy
Wind: NW 10-15 mph
Gusts @ 25 mph
HIGH: Upper 50s

Stay with Storm Team4 for the latest forecast. Download the NBC Washington app on iOS and Android to get severe weather alerts on your phone.



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‘It’s a twilight zone’: Iran war casts deep shadows over IMF gathering in Washington

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‘It’s a twilight zone’: Iran war casts deep shadows over IMF gathering in Washington


The most severe energy shock since the 1970s, the risk of a global recession and households everywhere stomaching a renewed surge in the cost of living – hitting the most vulnerable hardest.

In a sweltering hot Washington DC this week, the message at the International Monetary Fund meetings was chilling: things had been looking up for living standards around the world. But then came the Iran war.

“Some countries are in panic,” said the fund’s managing director, Kristalina Georgieva, addressing the finance ministers and central bank bosses in town for the IMF and World Bank spring meetings. “The sooner it [the Iran war] ends, the better for everybody.”

Such gatherings are not typically used to fight geopolitical battles. “You don’t get people shouting at one another at these things,” one senior figure remarked. But, as a record-breaking April heatwave swept the US capital, no one could ignore the mounting damage from the Iran war.

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Those familiar with the mood over breakfast at a meeting of the G20’s representatives on Thursday, which included Donald Trump’s treasury secretary, Scott Bessent, and the outgoing US Federal Reserve chair, Jerome Powell – said the atmosphere in the room was sombre amid an open exchange of serious views.

“It is such a twilight-zone meeting,” said Mohamed El-Erian, a former IMF deputy managing director who is now chief economic adviser at the Allianz insurance group. “There are several shadows hanging over it: one is the shadow that comes from concern about the global economy as a whole.

“The second is that some countries are going to be particularly hard hit, and it’s mostly countries that very few people are talking about. But the third concern is the adding of insult to injury: the fact that the US, which started a war of choice, is going to be hit, but by a lot less than elsewhere in relative terms.”

Before Thursday’s breakfast, Rachel Reeves had started her day with an early-morning jog. Joined by her counterparts from Spain, Australia and New Zealand for a run down the iconic National Mall, she posted an Instagram selfie with a not-so-subtle dig: “Friends that run together – work together.”

A day earlier, the chancellor had told a CNBC conference that she thought “friends are allowed to disagree on things” as she criticised Trump’s Iran war as a “mistake” and a “folly” that had not made the world safer.

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Rachel Reeves posted this image on Instagram from Washington DC on Thursday with the message: ‘Friends that run together – work together.’ Photograph: Rachel Reeves/Instagram

Speaking at a venue just steps away from the White House, before a one-on-one meeting with Bessent, she said this “fair message” was needed because UK families and businesses were feeling the pain from higher energy prices triggered by the conflict.

Those close to Reeves insist her meeting remained cordial. Britain and the US have significant shared interests in AI, financial services and trade. The chancellor also said the UK government had little time for the Iranian regime.

But with the IMF having warned on Tuesday that the Iran war could risk a global recession – in which Britain would be the biggest G7 casualty – it was clear Reeves had travelled to Washington ready to pick a fight.

“I’m struck by how vocal she has been and the words she used,” said one global financier. “We know the disagreement between Bessent and [European Central Bank president] Christine Lagarde earlier in the year. But that was in private.”

At a cocktail party held at the British ambassador’s residence for hundreds of diplomats and financiers – including the Bank of England’s governor, Andrew Bailey, the chief executive of Barclays, CS Venkatakrishnan, and dozens of senior figures – this transatlantic tension, weeks before King Charles’s US state visit, was a major topic of conversation.

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The other, in the balmy residence gardens, was one of its former occupants, Peter Mandelson, as revelations about the former ambassador’s appointment threatened to further rock the UK government.

Before the war, the agenda for the IMF had been about global cooperation; the adoption of AI, jobs and work to eradicate poverty. Each of those tasks had now been complicated, but not least the task of countries working together.

For many at the meetings, the focus was on forging closer global cooperation without the world’s pre-eminent superpower.

“Everybody is talking about how you hedge against American decisions,” said David Miliband, the former UK foreign secretary, who now runs the International Rescue Committee. “You can’t do without them, because they’re 25% of the global economy. But, in a lot of fora, they’ve pulled out.

“So everyone has to think, how does one structure international cooperation? The old west is not coming back. And so everyone has to figure out how to position themselves for that world.”

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For those gathering in Washington, there was irony in the fact that they were meeting in the halls of institutions founded, under US leadership, to promote global cooperation after the second world war. The whole idea of the Bretton Woods institutions was to avoid the dire economic conditions and warfare of the 1930s and 1940s. Yet this year’s meeting was taking place amid these intertwining problems.

In their conversations about the best economic policy response to the shock of conflict, the economists also knew the real power to make a difference lay two blocks across town from the IMF and the World Bank – behind the security cordons and construction equipment blocking the White House from public view. “It is not clear they can do anything about it,” said El-Erian.

Still, with a booming economy driven by AI – including Anthropic’s powerful Mythos model, the topic of much conversation – most countries cannot afford to completely break off US ties.

“People want to find ways to insulate themselves from the mess. But, on the other hand, they admire the US private sector,” El-Erian said. “The best way I’ve heard it put, is: they want to go long the private sector and short the mess. But it’s almost impossible to do.”





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Rosselli opens in DC, serving classic Italian flavors from chef Carlos

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Rosselli opens in DC, serving classic Italian flavors from chef Carlos


Rosselli is the newest restaurant to open in DC.

Bringing in classic Italian flavors, Chef Carlos explained how he hopes his food is a unique addition to the Italian food scene in the DMV.

Chef also demoed a signature dish with Brian and Megan.

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You can learn more and book your table here.



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