The city of San Antonio is moving forward with plans to acquire the property formerly occupied by the Institute of Texan Cultures for the proposed Spurs arena. The city council recently received an update on the project, which includes a $4 billion proposed downtown sports and entertainment district.
Project Details
The update came after a fiery discussion in May and a rush to vote last fall. The latest council discussion was more measured, with city staff laying out various development milestones and council advocating for affordable housing, small business involvement, and mobility and accessibility issues.
The city is conducting assessments on the Alamodome and convention center and hiring consultants to study the cost of upgraded infrastructure for the district and designing transportation and parking to support new development. The team’s owners have committed at least $500 million for arena construction and to bring in development around the arena with $1.4 billion in taxable value.
The city will own the arena, and the Spurs will have the exclusive naming and advertising rights. The agreement also includes a non-relocation clause, meaning the Spurs can’t move to another city for 30 years.
Next Steps
The next major update and opportunity for council decisions will come in September. In the meantime, the city is preparing to negotiate financing and other agreements with the Spurs. The city has hired a consultant to study and provide projected cost of service impacts, perform revenue forecasting, and identify new revenue opportunities for the district.
Council members have expressed concerns about the timing of the project, citing the upcoming 2027 bond and city budget processes. They have also suggested that meetings with city staff should be open to council members and the public.
Original reporting: San Antonio Report — read the source article.
