Back in August, San Antonio City Council voted to approve a non-binding terms sheet between the city and the San Antonio Spurs, bringing redevelopment plan Project Marvel — and a prospective new Spurs arena — a step closer to reality.
While the city doesn’t require voter approval to move forward with its portion of the funding, Bexar County’s $311 million portion hinges on voters approving a venue tax hike on Nov. 4 to pay for the future arena.
What does the terms sheet say the city + county must contribute?
- The new Spurs arena — as part of Project Marvel — will be jointly funded. About $311 million (or 25%, whichever is less) will come directly from Bexar County if voters approve the venue tax increase.
- The City of San Antonio will contribute $489 million, or 38% of the cost of the arena. This will be paid for by a debt issuance via city bonds.
- The city will also have to pay ~$60 million to purchase land from University of Texas-San Antonio, up to $250 million in infrastructure improvements for all the Project Marvel Sports and Entertainment District developments, and for any expanded police presence in the vicinity.
What does the terms sheet say the Spurs will contribute?
- The Spurs will make a “minimum” commitment of $500 million to the arena, and guarantee $1.4 billion in private development in the area.
- They will also contribute $75 million in a community benefit agreements (~$2.5 million a year across three decades).
- The Spurs will contribute $18 an hour to all full-time employees staffing the future arena and $30 million to the city to buy the U.S. General Services Administration property — located across Cesar Chavez Street downtown — for use by the arena.
- The team will have exclusive naming, advertising, and broadcast rights according to the terms sheet, and in turn have agreed not to relocate for 30 years.
What’s next for Project Marvel in the short term?
- Voters on Nov. 4 will determine whether to increase the county’s venue tax to fund Bexar County’s part of the agreement.
- If they do, expect an infrastructure bond election in May or November of 2026, where Alamo City voters will get another chance to thumbs-up or thumbs-down the whole project.
What’s next for Project Marvel in the long term?
- A new Spurs arena with a 1-5 year implementation plan and estimated construction costs of $1.2-1.5 billion + a Henry B. Gonzalez Convention Plan expansion with estimated construction costs of $700-900 million.
- A possible River Walk access redesign and enhanced signage for ease of visitors + renovation of the John H. Wood Jr. U.S. Courthouse/Confluence Theater, with a 1-5 year implementation plan and estimated construction costs of $100-150 million.
- A new Convention Center Hotel / UTSA School of Hospitality, with a 1-5 year rollout and estimated construction costs of ~$750 million + acquisition of the Federal/GSA Building on East Cesar Chavez Boulevard.
- A land bridge/east side connector over I-37, four new sites to be used as mixed-use parcels for housing and retail, and major infrastructure updates to San Antonio’s historic neighborhoods.
- Alamodome improvements, likely not till after the 2029 Final Four — with a 5-15+ year implementation plan and construction costs of more than $1 billion.
The plan is expected to create jobs, boost tourism, and increase tax revenue.
