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Spurs invest $2.1 billion in new arena: a massive bet to reshape San Antonio by 2032

The Spurs confirm their major financial contribution to "Project Marvel". The Texas organization commits $2.1 billion for the construction of their future downtown San Antonio arena, planned for 2032.
Spurs invest $2.1 billion in new arena: a massive bet to reshape San Antonio by 2032

Dec 13, 2018; San Antonio, TX, USA; A general view of the San Antonio Spurs logo on the court prior to a game between the Spurs and the LA Clippers at AT&T Center. Mandatory Credit: Soobum Im-USA TODAY Sports

Photo Credit : © Soobum Im-Imagn Images

The Spurs CEO RC Buford has officially announced the franchise’s financial commitment to « Project Marvel », the downtown San Antonio transformation project. The Texas organization will invest a total of $2.1 billion in this ambitious project that includes building a new arena with 17,000 to 18,500 seats.

« Under the proposed memorandum of understanding, the Spurs’ total commitment will be $2.1 billion, » Buford announced in an official statement. This amount far exceeds the initial contribution of one billion dollars previously mentioned by the franchise.

Shared financing for a $1.3 billion project

The new arena is set to open for the 2032-2033 NBA season. Its cost reaches $1.3 billion. The Spurs will pay at least $500 million. The city of San Antonio will contribute up to $489 million (38%). Bexar County will add up to $311 million (25%). These amounts will need voter approval.

The franchise will cover all cost overruns. « Throughout this process, we have consistently reaffirmed our commitment to ensuring there will be no tax impact on San Antonio families and our guarantee to cover 100% of any construction cost overruns, » stated RC Buford.

The project also includes a $1.4 billion real estate development over 12 years: offices, retail, housing, and a boutique hotel. The Spurs will sign a 30-year lease with an annual rent of $4 million, increasing by 2% yearly. A non-relocation agreement will accompany this lease.

Decisive vote scheduled for Thursday

San Antonio’s city council must vote Thursday to approve these non-binding terms. Two competing resolutions are at stake: Mayor Gina Ortiz Jones supports the first one and requests a delay to obtain an independent economic impact study; meanwhile, five council members back the second resolution and want to move the project forward quickly.

The new arena will replace the current Frost Bank Center and will rise at the foot of the Tower of America, on the site of the former Institute of Texan Cultures. This project completely transforms the Hemisfair district and represents a total investment of four billion dollars.

Sylvain Sultat suit la NBA au quotidien, entre performances individuelles, dynamiques collectives et grandes histoires de la ligue. Sur BeBasket, il décrypte l’actualité américaine avec passion et régularité, toujours à l’affût des tendances qui font bouger le monde du basket.

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