Monumental Sports and Entertainment on Thursday announced the details of a privately funded, $40 million renovation of Capital One Arena, which will include new padded seats throughout the venue, a state-of-the-art sound system, modernized concourses and redesigned concession stands. 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 scheduled for 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 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.