Plans for a new San Antonio Spurs arena have moved a step closer to becoming reality after the city council members greenlit official negotiations.
City Council Thumbs Up Negotiations For New San Antonio Spurs Arena
The San Antonio Spurs could be moving home in the very near future, after City Manager Erik Walsh, council members and Mayor Ron Nirenberg met on Thursday to approve negotiations between Bexar County and the franchise.
The approval for negotiations allows both parties to execute a non-binding memorandum of understanding (MOU), meaning this initial step is essentially permission to open a dialogue, rather than concret approval of plans.
The billion-dollar “Project Marvel” includes a new San Antonio Spurs arena, along with a downtown overhaul to transform the area into a sports and entertainment district.
New San Antonio Spurs Arena Cost Could Be in Excess of $1.5 Billion
According to a city estimate the arena along could cost anywhere between $1.2 and $1.5 billion.
However, plans for a new land bridge, the acquisition of a former federal courthouse, along with a new hotel and convention center could total $2.75 billion.
City officials also revealed they hope to complete the arena construction by 2030, providing Project Marvel is finalised and put into action.
The Spurs – who last won the NBA finals over a decade ago – currently occupy the Frost Bank Center on the east side of San Antonio, but would swap to the west side of the city as part of the regeneration project.
The franchise’s lease with the county at the Frost Bank Center ends in 2032, and according to city meeting documents, Spurs don’t intend to stay beyond the end of the contract.
“If we do the master planning and we get it right, as to what this Frost Bank Center is going to be, what the Joe Freeman Coliseum is going to be, what can be imagined [for] the redevelopment for the East Side around this county investment. … we could really be a game changer for this community,” County Judge Peter Sakai said.
