The return of the Washington Commanders to the nation’s capital has the District of Columbia considering borrowing roughly $526 million in municipal bonds, according to a filing.
Proceeds will help finance the National Football League team’s new stadium. The planned 65,000-seat facility, which was approved about a year ago, will be built on the grounds of the former Robert F. Kennedy Memorial Stadium site alongside multifamily housing, offices, restaurants, retail, hotels, parking, a sports complex and parks.
Taxes on certain businesses within DC will help finance costs tied to the design and construction of infrastructure improvements as well as stadium-related costs, according to an Oct. 9 securities filing outlining the borrowing plans.
The potential bond sale is part of a broader roughly $3.7 billion public-private financing package for the new Commanders stadium that the DC Council approved last year. The Commanders will make at least a $2.7 billion investment — the largest private investment in the city’s history — alongside more than $1 billion in public funds to prepare the site. The team is responsible for covering all stadium construction and overrun costs, as well as paying property taxes on the mixed-use parcels and parking garages.
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Under the agreement, the redeveloped 180-acre campus along the Anacostia River is expected to deliver between 5,500 and 6,500 new housing units, with 30% earmarked for affordable housing, according to the RFK Campus Master Plan released in September.
The new stadium is expected to open in 2030, with other parts of the campus opening at different times.
The sale is expected to price during the week of Nov. 16 through a syndicate led by Goldman Sachs & Co. and Loop Capital Markets, though details are subject to change and an issuance will depend on market conditions. Goldman and Loop declined to comment on the potential offering.