D.C.’s proposed plan to buy and help fund renovations at Capital One Arena could help revitalize the surrounding Chinatown and Gallery Place neighborhoods, according to a professor of finance at the University of Maryland.

Six months since a deal was struck to keep the Capitals and Wizards in D.C., the modernization of Capital One Arena is now set to advance, with the city purchasing the venue and funding upgrades. Why it matters: The renovation will keep the teams in the District through at least 2050 and inject hope into downtown Washington as it continues to recover from the pandemic.

A new proposal from D.C. Mayor Murial Bowser would keep the Washington Wizards and Capitals playing at Capital One Arena through at least 2050.

Capital One Arena will be transformed soon, but one thing is staying: The streateries on 6th Street. Why it matters: Getting rid of the streateries was on Ted Leonsis' wishlist, with the Monumental Sports & Entertainment CEO fretting that they made it harder for semitrucks to load during events at the venue.

More than six months after Mayor Muriel Bowser and Monumental Sports CEO Ted Leonsis struck a deal to keep the Washington Capitals and Wizards in DC, the full details of their agreement have been made public.

The renovations are expected to be done by the 2027-28 season for the Capitals, and will cost $800 million in total.

A new legislation meant to bring more people into the nation's capital is heading to the DC Council for approval. If passed, the bill would fund the revitalization of the Capital One Arena.

Monumental Sports & Entertainment and Washington, D.C., mayor Muriel Bowser announced that they will formally propose legislation to fund the renovation of Capital One Arena, the home of the Washington Wizards and Capitals.