WASHINGTON (DC News Now) -- Washington, D.C. Mayor Muriel Bowser and Chief Executive Officer of Monumental Sports & Entertainment (MSE) Ted Leonsis announced Monday that legislation was submitted to purchase Capital One Arena. The submitted legislation, introduced by Chairman Phil Mendelson, includes a $515 investment that was unanimously approved by the council. Officials said under the proposed agreement, the District will purchase Capital One from MSE for $87.5 million. Officials said the public-private partnership will also revitalize Galley-Place Chinatown in Downtown D.C. “We’re keeping Washington’s teams where they belong – here in the Sports Capital, and we’re doubling down on having a world-class destination and entertainment district in the center of DC,” said Mayor Bowser. “We know that when our Downtown does well, our city does well. This catalytic investment is an investment in our residents and businesses in all eight wards.” Washington Capitals celebrate 50th anniversary In March 2024, Mayor Bowser and MSE with the support of Chairman Mendelson and the DC Council signed a term sheet that set forth the parameters of the agreement. On April 2, the Council voted unanimously through emergency legislation to move the partnership forward. About two months later, the council approved the Fiscal Year 2025 budget that appropriated a $515 million investment over a span of three years. “Our vision for a wholly re-imagined sports and entertainment destination will be ambitious, reflective of our community, and designed to ‘wow’ our most ardent supporters as well as casual fans. We want to capture the magic that comes from providing the most entertaining experience – which every guest deserves,” said Leonsis. Along with the $87.5 million purchase, MSE will lead the arena back from the District under an amended and restated lease. According to Officials, MSE will be in D.C. through 2050 with five renewal options for four years, each. Report: Capital One Arena among most dangerous NBA stadiums The investment will bring an estimated 4,900 construction jobs and offer new career paths and training for D.C. residents, according to the District. The total estimated economic activity of the project exceeds $1 billion. The introduced legislation serves as the final step, whereby the Council will vote on the Lease, Development and Funding Agreement, and Purchase and Sale of Real Property between MSE and the District. If the legislation is passed before the end of the calendar year, MSE will begin design this winter and construction in early summer 2025.