SSHoya
Blue & Gray (over 10,000 posts)
"Forget it Jake, it's Chinatown."
Posts: 18,462
|
Post by SSHoya on Nov 3, 2023 20:53:45 GMT -5
Monumental asking D.C. for $600M for Capital One Arena, sources say Monumental Sports & Entertainment, which owns the Wizards, Capitals and Mystics, has asked D.C. for $600 million of public funding for a major renovation of Capital One Arena, according to two people with knowledge of the situation. The funding would make up the bulk of an $800 million renovation plan Monumental has outlined to the city, according to the two people, who spoke on the condition of anonymity to discuss sensitive negotiations. The remaining $200 million would be covered by Monumental, which is owned by founder and chief executive Ted Leonsis. Meanwhile, Monumental remains in negotiations with Virginia officials about relocating to a site in Alexandria’s Potomac Yard neighborhood, according to a person familiar with that effort, who spoke on the condition of anonymity to share confidential information. One potential site could be near the graduate engineering school Virginia Tech is building in the area and a new Metro station serviced by the Blue and Yellow lines. www.washingtonpost.com/dc-md-va/2023/11/03/monumental-capital-one-arena-improvements-dc/
|
|
RusskyHoya
Diamond Hoya (over 2500 posts)
In Soviet Russia, Hoya Blue Bleeds You!
Posts: 4,638
|
Post by RusskyHoya on Nov 6, 2023 13:26:25 GMT -5
Monumental asking D.C. for $600M for Capital One Arena, sources say Monumental Sports & Entertainment, which owns the Wizards, Capitals and Mystics, has asked D.C. for $600 million of public funding for a major renovation of Capital One Arena, according to two people with knowledge of the situation. The funding would make up the bulk of an $800 million renovation plan Monumental has outlined to the city, according to the two people, who spoke on the condition of anonymity to discuss sensitive negotiations. The remaining $200 million would be covered by Monumental, which is owned by founder and chief executive Ted Leonsis. Meanwhile, Monumental remains in negotiations with Virginia officials about relocating to a site in Alexandria’s Potomac Yard neighborhood, according to a person familiar with that effort, who spoke on the condition of anonymity to share confidential information. One potential site could be near the graduate engineering school Virginia Tech is building in the area and a new Metro station serviced by the Blue and Yellow lines. www.washingtonpost.com/dc-md-va/2023/11/03/monumental-capital-one-arena-improvements-dc/It would help his cause if the Caps weren't in "The team's primary mission is to drag Ovi over the Gretzky goal record finish line and then everything gets blown up" mode and the Wizards weren't in "We're gonna tank real bad and hope we get a couple of top draft picks in a row" mode. The paragraphs at the end of the piece about how the general vibe around the area has gone sideways a bit also looms large in how the politicians are thinking about this. The Phone Booth has been a crown jewel for a long time, and there's a lot of consternation about how much polishing is required and justified to be paid for out of District coffers, especially given the dynamic with the other local pro teams.
|
|
hoyas315
Diamond Hoya (over 2500 posts)
Posts: 3,103
|
Post by hoyas315 on Dec 11, 2023 14:41:59 GMT -5
|
|
hoyas315
Diamond Hoya (over 2500 posts)
Posts: 3,103
|
Post by hoyas315 on Dec 11, 2023 14:43:24 GMT -5
But the. There is this....
|
|
hoyaboya
Blue & Gray (over 10,000 posts)
Posts: 12,573
|
Post by hoyaboya on Dec 11, 2023 14:52:10 GMT -5
Wouldn't we be the "college basketball" team mentioned in the story, continuing to play at the Verizon Center?
|
|
DFW HOYA
Platinum Hoya (over 5000 posts)
Posts: 5,797
|
Post by DFW HOYA on Dec 11, 2023 15:53:53 GMT -5
This story was discussed last month. www.hoyasaxa.com/sports/archives/archive1123.htm#1On-campus arena talk is nice but its not grounded in reality. There is zero interest at the Board level and in the DeGioia administration to revisit this for three reasons: 1. There is no donor support to build what would become a $150-250 million effort. The $62 million Thompson Center stumbled at the end to raise money for that one and that was almost ten years of fundraising. There are those on this board with more knowledge that I have on the details but it's been suggested that Hariri was the only building project of the last 20 years completed without debt service. The race is on to finish the current campaign and that means raising $1 billion over the next 30 months for identified priorities and diverting donor support for an unsupported project is foolish at best and a train wreck waiting to happen. 2. There is no institutional support for new, large on-campus footprints, which is why they kicked the can on the Yates teardown, have no real timetable to address a Leavey Center rebuild, and opted to privatize Henle II. All the efforts are downtown where zoning is available and taking over vacant real estate is presumed more friendly to outside interests. 3. There is no community support to reopen the Campus Plan before 2036. Give Medstar credit to bulldozing its way (figuratively and literally) to get the new hospital built, but the Burleith gentry looked the other way on that one. And the fourth: no land.
|
|
hoyas315
Diamond Hoya (over 2500 posts)
Posts: 3,103
|
Post by hoyas315 on Dec 11, 2023 16:48:15 GMT -5
This story was discussed last month. www.hoyasaxa.com/sports/archives/archive1123.htm#1On-campus arena talk is nice but its not grounded in reality. There is zero interest at the Board level and in the DeGioia administration to revisit this for three reasons: 1. There is no donor support to build what would become a $150-250 million effort. The $62 million Thompson Center stumbled at the end to raise money for that one and that was almost ten years of fundraising. There are those on this board with more knowledge that I have on the details but it's been suggested that Hariri was the only building project of the last 20 years completed without debt service. The race is on to finish the current campaign and that means raising $1 billion over the next 30 months for identified priorities and diverting donor support for an unsupported project is foolish at best and a train wreck waiting to happen. 2. There is no institutional support for new, large on-campus footprints, which is why they kicked the can on the Yates teardown, have no real timetable to address a Leavey Center rebuild, and opted to privatize Henle II. All the efforts are downtown where zoning is available and taking over vacant real estate is presumed more friendly to outside interests. 3. There is no community support to reopen the Campus Plan before 2036. Give Medstar credit to bulldozing its way (figuratively and literally) to get the new hospital built, but the Burleith gentry looked the other way on that one. And the fourth: no land. You're right. I should have known not to post it. There are too many dead horses being beat on this board already.
|
|
hoyaguy
Golden Hoya (over 1000 posts)
Posts: 1,872
|
Post by hoyaguy on Dec 11, 2023 19:05:08 GMT -5
Yeahhh the boat sailed a long time ago on that because our best chances imo were: when we were good basically 80s-2000s, when the entertainment sports arena got built in the opposite corner of dc, and not that this is a “real” opportunity but jumping on the financial issues of the key bridge Marriott that could’ve had multiple benefits/uses like upgrading any sport that plays in Mcd, a guts bus already runs there, and using that old Mcd footprint for other buildings on hilltop campus.
I remember the articles a couple seasons ago of students talking about building bleachers in McD that could fit over 4.5k maybe 5k. But that might be too ambitious and off the beaten path for our brave leaders so we are stuck with what we got.
|
|
jpj
Bulldog (over 250 posts)
Posts: 263
|
Post by jpj on Dec 11, 2023 22:41:20 GMT -5
I am not a Georgetown Alum, but a college basketball fan. I find it sad that an institution as prestigious and rich and Georgetown cannot find the wherewithal to get an appropriate sized arena built near campus!!
|
|
iowa80
Golden Hoya (over 1000 posts)
Posts: 2,402
|
Post by iowa80 on Dec 11, 2023 23:13:53 GMT -5
I am not a Georgetown Alum, but a college basketball fan. I find it sad that an institution as prestigious and rich and Georgetown cannot find the wherewithal to get an appropriate sized arena built near campus!! Define “near.” I’m assuming that you are familiar with the Georgetown neighborhood. See also DFW’s comment above.
|
|
jpj
Bulldog (over 250 posts)
Posts: 263
|
Post by jpj on Dec 11, 2023 23:22:25 GMT -5
for this era, the Marriott Site
In another era, it may have been a redo/renovation of McD
|
|
DFW HOYA
Platinum Hoya (over 5000 posts)
Posts: 5,797
|
Post by DFW HOYA on Dec 12, 2023 1:04:31 GMT -5
|
|
xpathoya
Century (over 100 posts)
Posts: 175
|
Post by xpathoya on Dec 12, 2023 6:43:03 GMT -5
|
|
hoyaboya
Blue & Gray (over 10,000 posts)
Posts: 12,573
|
Post by hoyaboya on Dec 12, 2023 8:17:20 GMT -5
Outstanding article. Must-read for any serious Hoyas fan.
|
|
xpathoya
Century (over 100 posts)
Posts: 175
|
Post by xpathoya on Dec 12, 2023 9:05:11 GMT -5
Outstanding article. Must-read for any serious Hoyas fan. Prescient if not haunting stuff indeed: www.hoyasaxa.com/sports/archives/022018.htmIt took nearly 10 years to get a boost from the Final Four into a groundbreaking ceremony, and it may take as long for people to see a future where a new arena for the Wizards and Capitals may not be advantageous to Georgetown, nor in a location favorable for attendance. If Ted Leonsis got a subsidy money to move the teams to Fairfax or Loudoun County, would he do it? He'd certainly consider it. Today's NBA arenas are considered obsolete by their 25th anniversary. Capital One Arena is 20. If Leonsis sells the team, would the next owner (or location) be as accommodating to Georgetown?
|
|
hoyaguy
Golden Hoya (over 1000 posts)
Posts: 1,872
|
Post by hoyaguy on Dec 12, 2023 9:17:50 GMT -5
Wow it’s almost like complacent leadership didn’t plan for this outcome and I’m willing to bet they will likely not even react or acknowledge until it is too late unless Cooley gets things going.
To the old points on this thread about bleachers in Mcd to get 4.5k-5k, I’m not politically savvy but make a deal that only a handful of outsiders beyond students, say 100-500 special premium ticket holders are allowed to limit any possible extra congestion. And they are allowed to take GUTS buses with tickets, G2 D6 buses, we have the parking garages for the few who drive, Ubers and just walk. Maybe even incentivize faculty to come. Every year they just sit on their hands, the more expensive this is gonna get and you are going to kill attendance.
We aren’t Nova but it’s not like Wells Fargo is close to them, it’s actually quite far when there’s traffic. Which is why an on campus, even “temporary” backup, is necessary.
|
|
|
Post by dariantownesvanzandt on Dec 12, 2023 11:06:53 GMT -5
I can't say I have any idea what direction this is headed for us. With the history of missed opportunities, and the lack of cards we have to play here, it's tough to envision a great outcome.
One thing I'm happy about, though -- I can't imagine a stronger coach/advocate for our best interests than Cooley in the current spot.
I doubt any young coach would've held the same sway, and I can't imagine somebody short-term like Pitino would've even cared. (Maybe a Thompson...? But that never seemed to help us find a spot of our own before.)
I'd love to be a perennial Top 10 team that was more attractive to Ted & Co., but right now our best asset might be Salesman Ed Cooley. It can't hurt.
|
|
DanMcQ
Moderator
Posts: 30,716
|
Post by DanMcQ on Dec 12, 2023 12:35:03 GMT -5
|
|
jpj
Bulldog (over 250 posts)
Posts: 263
|
Post by jpj on Dec 12, 2023 12:35:33 GMT -5
"In a worst-case scenario, Capital One Arena is razed, Georgetown is priced out of a new facility and the athletic department would be left with relocating games to available dates at George Mason University in Fairfax or even the Xfinity Center at College Park, the result of three generations of Georgetown administrations acquiescing to pay tens of millions of dollars in rent over the years rather than commit to a campus-friendly alternative. With a basketball fan following that predominates in Montgomery and Prince George's counties, the scenario of a ticket-buying public that chooses not to travel to Alexandria would further compromise a men's basketball program whose budget is not sustainable by current attendance figures." This may be the worst outcome 1) games against weak teams, with expected attendance of less than 3000 - played at McD 2) Big East Games - played at AU/Bender Arena (capacity 3400), GWU/Smith Center (capacity 5000), GMU/EagleBank Arena (Capacity 10000) 3) unsure of what the profit potential is when playing in rented arenas, 4) and many years' worth of rent at Verizon/Capital One doing nothing for the future of the program, although Leonsis is an Alumni
|
|
RusskyHoya
Diamond Hoya (over 2500 posts)
In Soviet Russia, Hoya Blue Bleeds You!
Posts: 4,638
|
Post by RusskyHoya on Dec 12, 2023 14:08:57 GMT -5
...and opted to privatize Henle II. What exactly does it mean for a private university to "privatize" the demolition of an existing residential complex and construct a new one on that land?
|
|