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.

District Mayor Muriel Bowser submitted legislation to the D.C. Council to acquire the arena for $87.5 million, as part of the city’s commitment toward spending $515 million to renovate the arena and part of the surrounding area over the next several years. NBC4 first reported the news of the legislation on Sunday.

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.

WASHINGTON — After months of negotiations to keep the Washington Wizards and Capitals in D.C., Mayor Muriel Bowser is seeking millions of dollars to buy and own Capital One Arena. The proposal was filed by DC Council Chairman Phil Mendelson.

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.

Under the proposal, the city, which already owns the land under the arena, would buy the building for $87.5 million.

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.

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.