(Courtesy Monumental Sports and Entertainment)

Monumental Sports and Entertainment on Thursday announced the details of a privately funded, $40 million renovation investment in Capital One Arena, which will include new padded seats throughout the venue, a state-of-the-art sound system, modernized concourses, redesigned concession stands and more. The renovations will begin after the Capitals’ and Wizards’ current seasons and are expected to be completed by the fall.

“Capital One Arena is part of the heartbeat of Washington,” Monumental Sports and Entertainment CEO Ted Leonsis said in a release. “We are incredibly proud to be making this investment in a building that has played a key role in shaping our city, and that has been home to so many great memories for people across the DMV. These upgrades will ensure that the fan experience at Capital One Arena remains second to none.”

The concourses on the 100 and 400 levels of the Chinatown venue, which opened as MCI Center in 1997 at a cost of $260 million, are slated for complete makeovers according to the company, with new flooring, lighting and decor. The team store inside the arena’s F Street entrance will be updated and, upon completion of the renovations, be open year-round. Two lounges will be added for premium ticket-holders, and revamped concession stands will feature a variety of new items, including concepts from celebrity chefs Cat Cora and Alex McCoy and local restaurant partners. The arena’s purple seats will be replaced by black seats with cupholders. New digital displays will be added throughout the concourses to make the arena easier to navigate. Part of the investment will also go toward further developing the Monumental360 program, a data-based effort to analyze fan preferences and deliver a more personalized fan experience.

(Courtesy Monumental Sports and Entertainment)

Leonsis’s planned $40 million investment in the privately owned arena was first mentioned in August, when Monumental announced a new naming-rights deal with McLean-based Capital One, worth a reported $100 million over 10 years. The arena had been known as Verizon Center since 2006.

Capital One Arena is home to the Capitals, Wizards, Mystics, Georgetown basketball and Valor, one of the two Arena Football League franchises Leonsis owns. The venue will continue to host concerts and shows, as well as Mystics and Valor games, this summer during the renovations. The Mystics’ new home on the campus of the former St. Elizabeths hospital in Southeast, which will also serve as the Wizards’ new practice center and the home of Monumental Sports and Entertainment’s developmental league team, is scheduled to open in the fall. Additional details about the renovations are available at CapitalOneArenaRenovation.com.

This post has been updated.

Read more from the D.C. Sports Bog:

Chris Thompson says Redskins players got ‘mixed messages’ about Kirk Cousins’s desire to stay

Boy, does free-agent-to-be Kirk Cousins have a T-shirt deal for you

R.I.P. Eagles Super Bowl memes, 1967-2018

John Wall amused — or maybe bemused — by Gortat’s tweet about Wizards’s ‘team’ win