Market Spotlight: Downtown DC Breathes a Sigh of Relief as Washington Wizards and Capitals Stay Put

DC residents and businesses have been on tenterhooks ever since plans were announced in December 2023 to move the Caps and Wizards to Potomac Yard in Alexandria, VA.  Original plans called for a new Wizards practice facility, a separate performing arts center, a media studio, new hotels, a convention center, housing and shopping.  Meanwhile, DC mayor Muriel Bowser worked furiously to keep the teams, eventually putting together a $500 million+ deal that was officially approved in the last week,  so that the teams would stay in the District until “at least 2050.”  That is good news for those businesses by Gallery Place/Chinatown, and the teams can keep the Washington moniker, as opposed to potentially being the “National Landing” teams were they to have moved to the Potomac Yard area.