The San Antonio Spurs announced plans Friday to invest over $1 billion in Project Marvel and a new downtown arena. Their new arena would be at the site where the Institute of Texan Cultures currently resides.
Spurs Pledge $1.06 Billion In Investment Into Project Marvel
The Spurs stated in a letter to the San Antonio mayor and city planner that their commitment includes:
$500 million for a new state-of-the-art arena, with guaranteed coverage of cost overruns by SS&E.
$500 million in adjacent private downtown development.
$60 million in additional community incentives, including education, affordable tickets, and small business support.
In the letter, Spurs Sports & Entertainment Chairman Peter J. Holt said:
“Since the City of San Antonio first approached our organization about a potential partnership, the San Antonio Spurs have remained committed to pursuing an equitable agreement that benefits our community as a whole, strengthens our economy, honors our city legacy, and serves generations to come without raising taxes on local residents. As we have done since 1973, we are operating in good faith, grounded in deep love for our community and a sincere desire to help San Antonio thrive.”
Arena Projected To Cost Between $1.2 And $1.5 Billion
According to Amanda Moreno and Chris Hoffman of KABB Fox News 29, the project could cost up to $4 billion and is slated to be the largest development project in San Antonio’s history. The arena alone is projected to cost between $1.2 and $1.5 billion.
Moreno and Hoffman used the $1.2 billion estimate as an example to break down the funding:
The Spurs will reportedly contribute $500 million.
The NBA team is asking the City of San Antonio to contribute another $500 million, drawn from the Project Finance Zone and supported by state tax dollars.
Approximately $200 million would be left in remaining costs.
“County leaders have said that funds from Bexar County’s venue tax will first go toward the Freeman Coliseum and Frost Bank Center, with the Spurs’ arena receiving whatever is left,” Moreno and Hoffman wrote.
Free VIA Park & Ride Transportation, Cheaper Tickets
In addition, the proposal outlines several community-focused initiatives, including a commitment to award 30% of construction contracts to locally owned San Antonio businesses.
It also guarantees free VIA Park & Ride transportation for up to 2,000 fans per game, 500 tickets priced at $25 or less for every home game, and funding for a new early childhood education and childcare program, per Moreno.
The Spurs will continue to play at Frost Bank Center until the end of their lease in 2032.
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