Wizards and Caps could be moving to Potomac Yard

[Anonymous]

Ted, you may not feel you are abandoning DC, but your DC and MD fans feel you are abandoning us. So if that is how you feel, your teams can play to empty arenas between now and when you have another venue in 2028/2029.

Have fun.

[Anonymous]

Harsh but true.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't see the upside here for anyone, except Ted. The teams will suffer, the fans will suffer, the local residents will suffer, the VA taxpayers at-large will suffer.

Cutting the rest of your post because the whole point is that there's upside for Ted.

Disagree. The whole point is that Virginia taxpayers will suffer. Virginia is on the hook for the bond payments.

Yes, but Ted doesn't care about that, he only cares about the upside for Ted.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How do the crime rates in each surrounding area compare? That could be a factor. You get visitors who suppor the opposing team coming into town, and you want them to have a good experience here.

nope, not a factor

Yeah. But going to the middle of the suburbs is not really going to be an exciting experience. It doesn’t have a vibrant feel around there.

There’s just not enough density in the area to support a bunch of new restaurants and hotels.

I guess you have not been to Potomac Yard lately.

Potomac Yard Current
The big box dominated North Potomac Yard, as it exists today.
CITY OF ALEXANDRIA

https://media.bizj.us/view/img/1565171/potomac-yard-current*900xx560-315-43-0.png

That image still has the movie theater. That's so cute.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How do the crime rates in each surrounding area compare? That could be a factor. You get visitors who suppor the opposing team coming into town, and you want them to have a good experience here.

nope, not a factor

Yeah. But going to the middle of the suburbs is not really going to be an exciting experience. It doesn’t have a vibrant feel around there.

There’s just not enough density in the area to support a bunch of new restaurants and hotels.

I guess you have not been to Potomac Yard lately.

Potomac Yard Current
The big box dominated North Potomac Yard, as it exists today.
CITY OF ALEXANDRIA

https://media.bizj.us/view/img/1565171/potomac-yard-current*900xx560-315-43-0.png

That image still has the movie theater. That's so cute.

Thanks! Yes. You are correct that the movie theater is being replaced by a condo. But it’s still essentially a strip mall in the middle of the suburbs. Nothing wrong with that, but it’s not a dense location that will support the fantasy youngkin is touting.

All of which means that it’s going to be expensive for Virginia taxpayers.

[Anonymous]

Anonymous wrote:

Ted, you may not feel you are abandoning DC, but your DC and MD fans feel you are abandoning us. So if that is how you feel, your teams can play to empty arenas between now and when you have another venue in 2028/2029.

Have fun.

In reality, Ted is abandoning DC. Capital One supposedly hosts 200 events a year. Assuming each event draws on average 10,000 fans, that is 2+ million fans filtering through Capital One and Chinatown a year. There is no way that Ted can replace that number without the 80+ Caps/Wizards games. Moreover, does Ted really plan to keep the remaining 120 events a year at Capital One, even though he would own a brand shiny new entertainment district "only" a few miles away? Skeptic here. Is Ted willing to guarantee, with financial backup, that Capital One will continue to host 2+ million guests a year. Skeptic here. Further, we also know that new entertainment facilities do not increase the overall entertainment expenditures, as the new facilities simply divert entertainment dollars from X venue to Y venue. Do we really think that DMV and the "close" suburbs really need another entertainment facility? In fact, whatever entertainment venue that he might build in PY will only draw events from other DMV venues. Skeptic here. Finally, does he really think that a season ticket holder to 20-40 Caps/Wizards games a year is interested in (or has time for) nearby restaurants. This sports fan eats at the park, whether in a suite or downstairs. Generally not interested in nearby restaurants.

[Anonymous]

Prediction. If Leonsis doesn’t get the PY spot, the Wizards are on their way to Seattle or Vegas and the Caps will end up in Houston, Kansas City, or Atlanta (yes the NHL may just try another team here).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Ted, you may not feel you are abandoning DC, but your DC and MD fans feel you are abandoning us. So if that is how you feel, your teams can play to empty arenas between now and when you have another venue in 2028/2029.

Have fun.

In reality, Ted is abandoning DC. Capital One supposedly hosts 200 events a year. Assuming each event draws on average 10,000 fans, that is 2+ million fans filtering through Capital One and Chinatown a year. There is no way that Ted can replace that number without the 80+ Caps/Wizards games. Moreover, does Ted really plan to keep the remaining 120 events a year at Capital One, even though he would own a brand shiny new entertainment district "only" a few miles away? Skeptic here. Is Ted willing to guarantee, with financial backup, that Capital One will continue to host 2+ million guests a year. Skeptic here. Further, we also know that new entertainment facilities do not increase the overall entertainment expenditures, as the new facilities simply divert entertainment dollars from X venue to Y venue. Do we really think that DMV and the "close" suburbs really need another entertainment facility? In fact, whatever entertainment venue that he might build in PY will only draw events from other DMV venues. Skeptic here. Finally, does he really think that a season ticket holder to 20-40 Caps/Wizards games a year is interested in (or has time for) nearby restaurants. This sports fan eats at the park, whether in a suite or downstairs. Generally not interested in nearby restaurants.

It isn't even about supporting the nearby restaurants. There are NO ticket holders to Caps or Wizards that I know, who will be making the move with the teams. I know that is anecdotal, but still, he will have to develop a whole new ticket base for his teams. Even the lobbyist tickets will be harder. It is one thing to be a few blocks from the Capitol and K street and something else entirely to have to hop on the metro, make a transfer etc to get to a 7:00 game.

[Anonymous]

Anonymous wrote:Prediction. If Leonsis doesn’t get the PY spot, the Wizards are on their way to Seattle or Vegas and the Caps will end up in Houston, Kansas City, or Atlanta (yes the NHL may just try another team here).

The Leagues won't allow either team to leave the region. Ted would be forced to sell.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How do the crime rates in each surrounding area compare? That could be a factor. You get visitors who suppor the opposing team coming into town, and you want them to have a good experience here.

nope, not a factor

Yeah. But going to the middle of the suburbs is not really going to be an exciting experience. It doesn’t have a vibrant feel around there.

There’s just not enough density in the area to support a bunch of new restaurants and hotels.

I guess you have not been to Potomac Yard lately.

Potomac Yard Current
The big box dominated North Potomac Yard, as it exists today.
CITY OF ALEXANDRIA

https://media.bizj.us/view/img/1565171/potomac-yard-current*900xx560-315-43-0.png

That image still has the movie theater. That's so cute.

Thanks! Yes. You are correct that the movie theater is being replaced by a condo. But it’s still essentially a strip mall in the middle of the suburbs. Nothing wrong with that, but it’s not a dense location that will support the fantasy youngkin is touting.

All of which means that it’s going to be expensive for Virginia taxpayers.

You misspelled suburbs. PY is surrounded by mixed-use condos. You really haven't been there in at least three years.

[Anonymous]

Anonymous wrote:Prediction. If Leonsis doesn’t get the PY spot, the Wizards are on their way to Seattle or Vegas and the Caps will end up in Houston, Kansas City, or Atlanta (yes the NHL may just try another team here).

The py spot is so infeasible that I can only guess he WANTS to move the team to Vegas so he picked this ridiculous spot so he can get rejected and leave.

[Anonymous]

I swear it's like the same 10-15 people posting over and over and over again on this thread.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Prediction. If Leonsis doesn’t get the PY spot, the Wizards are on their way to Seattle or Vegas and the Caps will end up in Houston, Kansas City, or Atlanta (yes the NHL may just try another team here).

The Leagues won't allow either team to leave the region. Ted would be forced to sell.

Ask Seattle about losing the Sonics to Oklahoma City. Ask Oakland about losing the Warriors, Raiders, and A’s. Ask Baltimore about losing the Bullets and Colts. Ask St Louis about losing the Cardinals and then the Rams. Ask San Diego about the Chargers. The list goes on and on.
Money follows money.

[Anonymous]

Anonymous wrote:Prediction. If Leonsis doesn’t get the PY spot, the Wizards are on their way to Seattle or Vegas and the Caps will end up in Houston, Kansas City, or Atlanta (yes the NHL may just try another team here).

There’s also a ready group of investors in Toronto ready to pay for another NHL team in the area and have the studies available showing Toronto metro area can support two teams.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Ted, you may not feel you are abandoning DC, but your DC and MD fans feel you are abandoning us. So if that is how you feel, your teams can play to empty arenas between now and when you have another venue in 2028/2029.

Have fun.

In reality, Ted is abandoning DC. Capital One supposedly hosts 200 events a year. Assuming each event draws on average 10,000 fans, that is 2+ million fans filtering through Capital One and Chinatown a year. There is no way that Ted can replace that number without the 80+ Caps/Wizards games. Moreover, does Ted really plan to keep the remaining 120 events a year at Capital One, even though he would own a brand shiny new entertainment district "only" a few miles away? Skeptic here. Is Ted willing to guarantee, with financial backup, that Capital One will continue to host 2+ million guests a year. Skeptic here. Further, we also know that new entertainment facilities do not increase the overall entertainment expenditures, as the new facilities simply divert entertainment dollars from X venue to Y venue. Do we really think that DMV and the "close" suburbs really need another entertainment facility? In fact, whatever entertainment venue that he might build in PY will only draw events from other DMV venues. Skeptic here. Finally, does he really think that a season ticket holder to 20-40 Caps/Wizards games a year is interested in (or has time for) nearby restaurants. This sports fan eats at the park, whether in a suite or downstairs. Generally not interested in nearby restaurants.

By the time PY is built, Ted will no longer have the ground lease under the CapOne Arena. He will need to either (1) negotiate a new $$$$ ground lease with the DC government or (2) sell the stadium structure at a big discount to another entity that will sign a new ground lease with DC government. The value is in the land, not the arena; especially if PY actually gets built.

The fact that neither the NHL or NBA would let him take the franchises out of DC makes me more certain than ever that Ted is angling to sell Monumental to someone else and trying to use the PY deal to gain leverage/add value to the company. Ted is old, his heirs don't want to run it.