Photo credit: www.cnbc.com
A view of a Washington Commanders helmet during a game against the Los Angeles Rams at SoFi Stadium on December 17, 2023, in Inglewood, California.
The Washington Commanders are set to return to their roots in the District of Columbia.
The NFL team announced on Monday that it has finalized an agreement to move from their current stadium in Landover, Maryland, back to Washington, D.C., specifically to the site of the Robert F. Kennedy Memorial Stadium. This venue served as the team’s home from 1961 until 1996 and is in the process of being demolished.
As part of the move, the Commanders plan to invest $2.7 billion into the redevelopment of the site. Additionally, the D.C. government will contribute $500 million from its current budget allocated for sports facilities.
The newly designed stadium is projected to open in 2030 and will be integrated into a larger redevelopment initiative that aims to include housing, dining options, green spaces, and retail environments. Both the city and Events DC, which manages the stadium grounds, will invest significant amounts into critical infrastructure improvements such as parking, transportation, and utilities, raising the total investment to approximately $3.7 billion.
“RFK Stadium holds a legendary place in our history – it’s where the team dominated the NFL, capturing three Super Bowls and creating unforgettable memories for fans. Now, we have the opportunity to honor that legacy by building a new world-class stadium,” said Josh Harris, managing partner of the Commanders, in a news release.
The Commanders relocated from RFK Stadium to Northwest Stadium in Landover in 1997. Over the years, RFK Stadium also hosted various teams, including Major League Baseball’s Washington Nationals and Major League Soccer’s D.C. United, but has remained unused for several years.
The design for the new stadium includes a roof and a capacity of approximately 65,000 seats. The Commanders estimate that the project will create around 2,000 permanent jobs and generate $4 billion in tax revenue, along with over $15.6 billion in direct spending over three decades.
“We are thrilled to welcome the Commanders back home to the Sports Capital. We said that we could do it all – Commanders, housing, park space, recreation, retail, entertainment, and more – and that is exactly what we are delivering,” stated Washington Mayor Muriel Bowser in the announcement.
According to CNBC’s 2024 NFL Team Valuations, the Commanders are valued at $6.25 billion, underscoring the financial significance of this relocation and redevelopment project.
Source
www.cnbc.com