The City of San Antonio is now the owner of a federal office building as the multi-billion dollar ‘Project Marvel’ begins to take shape. The federal government confirmed the purchase of the building at 727 East Cesar Chavez Boulevard, in addition to two nearby parking lots. The total acquisition equals 5.7 acres, and is expected to support housing, retail, and other development near the downtown sports arena and entertainment district that is still years away.
Project Details
The building and the land come with a price tag of $30 million, but according to KENS 5 that was supposed to be paid by Spurs Sports & Entertainment. It has been reported the cost of the arena itself could cost around $1.3 billion, with an opening date far from being clear.
Last November, voters in Bexar County approved funding for the project, which includes $498 million from the city, $311 from the county, and $500 million from the Spurs. With the new arena still years away, the Spurs are now campaigning to play more games away from Frost Bank Center. The team is asking Bexar County to approve a plan that would allow the team to play up to four games in other locations in each of the next two seasons.
Original reporting: KTSA News/Talk (San Antonio) — read the source article.
