{"id":91524,"date":"2025-07-25T13:53:09","date_gmt":"2025-07-25T13:53:09","guid":{"rendered":"https:\/\/www.europesays.com\/us\/91524\/"},"modified":"2025-07-25T13:53:09","modified_gmt":"2025-07-25T13:53:09","slug":"san-antonio-spurs-commit-1-billion-for-downtown-arena-detail-proposed-investment","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/91524\/","title":{"rendered":"San Antonio Spurs commit $1 billion for downtown arena, detail proposed investment"},"content":{"rendered":"<p class=\"dist__Box-sc-1fnzlkn-0 dist__TextBase-sc-1fnzlkn-3 bYFsJw cuqaEv article-text\"><strong>SAN ANTONIO<\/strong> \u2013 In a letter obtained by KSAT Friday morning, the San Antonio Spurs outlined its proposed investment details for a downtown arena linked to the city\u2019s ongoing <a href=\"https:\/\/www.ksat.com\/topic\/Project_Marvel\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"https:\/\/www.ksat.com\/topic\/Project_Marvel\/\">Project Marvel<\/a> discussions.<\/p>\n<p class=\"dist__Box-sc-1fnzlkn-0 dist__TextBase-sc-1fnzlkn-3 bYFsJw cuqaEv article-text\">Spurs Sports &amp; Entertainment (SS&amp;E) investors and future development partners \u201care willing to invest over $1 billion in this effort,\u201d said Spurs Chairman and Managing Partner <a href=\"https:\/\/www.ksat.com\/news\/local\/2025\/06\/16\/1-on-1-with-peter-j-holt-spurs-chairman-details-vision-funding-for-new-arena-amid-project-marvel-discussions\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"https:\/\/www.ksat.com\/news\/local\/2025\/06\/16\/1-on-1-with-peter-j-holt-spurs-chairman-details-vision-funding-for-new-arena-amid-project-marvel-discussions\/\">Peter J. Holt<\/a> in the letter dated Thursday, July 24.<\/p>\n<p class=\"dist__Box-sc-1fnzlkn-0 dist__TextBase-sc-1fnzlkn-3 bYFsJw cuqaEv article-text\">Holt sent the letter to City Manager Erik Walsh, Mayor Gina Ortiz Jones and City Council ahead of expected discussion <a href=\"https:\/\/www.ksat.com\/news\/local\/2025\/07\/25\/san-antonio-city-council-to-discuss-proposed-spurs-arena-during-special-session-meeting\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"https:\/\/www.ksat.com\/news\/local\/2025\/07\/25\/san-antonio-city-council-to-discuss-proposed-spurs-arena-during-special-session-meeting\/\">around the arena during a special session on Friday afternoon<\/a>.<\/p>\n<p class=\"dist__Box-sc-1fnzlkn-0 dist__TextBase-sc-1fnzlkn-3 bYFsJw cuqaEv article-text\">The arena is projected to cost between $1.2 billion and $1.5 billion. <\/p>\n<p class=\"dist__Box-sc-1fnzlkn-0 dist__TextBase-sc-1fnzlkn-3 bYFsJw cuqaEv article-text\">The price tag for the Spurs\u2019 proposed investment would include:<\/p>\n<ul class=\"dist__Box-sc-1fnzlkn-0 kDvXdO font_openSans articleList\">\n<li class=\"dist__Box-sc-1fnzlkn-0 dist__StackBase-sc-1fnzlkn-7 ecGWWE iQviKm\">\n<p>$500 million and guaranteed coverage of cost overruns for a new arena<\/p>\n<\/li>\n<li class=\"dist__Box-sc-1fnzlkn-0 dist__StackBase-sc-1fnzlkn-7 ecGWWE iQviKm\">\n<p>$500 million in adjacent downtown development<\/p>\n<\/li>\n<li class=\"dist__Box-sc-1fnzlkn-0 dist__StackBase-sc-1fnzlkn-7 ecGWWE iQviKm\">\n<p>$60 million in additional community incentives<\/p>\n<\/li>\n<\/ul>\n<p class=\"dist__Box-sc-1fnzlkn-0 dist__TextBase-sc-1fnzlkn-3 bYFsJw cuqaEv article-text\">Holt said the figures are money the organization proposes spending \u201cin addition to, not in place of, our investment in the arena and surrounding infrastructure.\u201d<\/p>\n<p class=\"dist__Box-sc-1fnzlkn-0 dist__TextBase-sc-1fnzlkn-3 bYFsJw cuqaEv article-text\">The numbers are the first time that hard figures have been laid out for funding connected to the arena from the Spurs.<\/p>\n<p class=\"dist__Box-sc-1fnzlkn-0 dist__TextBase-sc-1fnzlkn-3 bYFsJw cuqaEv article-text\">Holt then clarified the specifics of the $60 million draft community incentives package, which includes the following proposals:<\/p>\n<ul class=\"dist__Box-sc-1fnzlkn-0 kDvXdO font_openSans articleList\">\n<li class=\"dist__Box-sc-1fnzlkn-0 dist__StackBase-sc-1fnzlkn-7 ecGWWE iQviKm\">\n<p>Allocating 30% of the arena and district construction contracts to locally-owned, San Antonio companies<\/p>\n<\/li>\n<li class=\"dist__Box-sc-1fnzlkn-0 dist__StackBase-sc-1fnzlkn-7 ecGWWE iQviKm\">\n<p>On Spurs game days, SS&amp;E would underwrite VIA Park &amp; Ride for up to 2,000 single-game primary ticket buyers <\/p>\n<\/li>\n<li class=\"dist__Box-sc-1fnzlkn-0 dist__StackBase-sc-1fnzlkn-7 ecGWWE iQviKm\">\n<p>SS&amp;E would make 500 tickets available for every Spurs home game at $35 or less<\/p>\n<\/li>\n<li class=\"dist__Box-sc-1fnzlkn-0 dist__StackBase-sc-1fnzlkn-7 ecGWWE iQviKm\">\n<p>SS&amp;E proposes underwriting a new policy targeting early childhood education and child care challenges in the community<\/p>\n<\/li>\n<\/ul>\n<p class=\"dist__Box-sc-1fnzlkn-0 dist__TextBase-sc-1fnzlkn-3 bYFsJw cuqaEv article-text\">\u201cOur assessment continues to support a $500 million allocation to a new downtown arena funded by the state\u2019s hotel motel funds and other sources guaranteed by SS&amp;E, and we request that amount to create a path for the future investment in downtown San Antonio at more than $1 billion.\u201d<\/p>\n<p class=\"dist__Box-sc-1fnzlkn-0 dist__TextBase-sc-1fnzlkn-3 bYFsJw cuqaEv article-text\">Holt said the organization recognized the work still needed to be done for the project, such as \u201cmaking the case\u201d to the community about the project\u2019s needs and local economic benefits. <\/p>\n<p class=\"dist__Box-sc-1fnzlkn-0 dist__TextBase-sc-1fnzlkn-3 bYFsJw cuqaEv article-text\">During a series of two-day community planning workshops held in each of the 10 city council districts, East Side residents expressed apprehension about the project\u2019s goals.<\/p>\n<p class=\"dist__Box-sc-1fnzlkn-0 dist__TextBase-sc-1fnzlkn-3 bYFsJw cuqaEv article-text\">Some residents pondered Project Marvel\u2019s necessity, citing concerns such as the <a href=\"https:\/\/www.ksat.com\/news\/local\/2025\/06\/26\/frost-bank-center-lack-of-development-hang-over-project-marvel-talks\/\" target=\"_blank\" rel=\"noopener\">failed growth materialization around the Spurs\u2019 current home<\/a> on the East Side, the Frost Bank Center.<\/p>\n<p class=\"dist__Box-sc-1fnzlkn-0 dist__TextBase-sc-1fnzlkn-3 bYFsJw cuqaEv article-text\">\u201cWe remain fully committed to working in partnership with the City of San Antonio, Bexar County, and the public to explore this opportunity together with transparency, trust and a shared vision for our community\u2019s future,\u201d Holt said in the letter.<\/p>\n<p class=\"dist__Box-sc-1fnzlkn-0 dist__TextBase-sc-1fnzlkn-3 bYFsJw cuqaEv article-text\"><b>See below to read the letter in full:<\/b><\/p>\n<p class=\"dist__Box-sc-1fnzlkn-0 dist__TextBase-sc-1fnzlkn-3 bYFsJw cuqaEv article-text\"><b>Read more:<\/b><\/p>\n<ul class=\"dist__Box-sc-1fnzlkn-0 kDvXdO font_openSans articleList\">\n<li class=\"dist__Box-sc-1fnzlkn-0 dist__StackBase-sc-1fnzlkn-7 ecGWWE iQviKm\"\/>\n<li class=\"dist__Box-sc-1fnzlkn-0 dist__StackBase-sc-1fnzlkn-7 ecGWWE iQviKm\"\/><\/ul>\n<p>Copyright 2025 by KSAT &#8211; All rights reserved.<\/p>\n","protected":false},"excerpt":{"rendered":"SAN ANTONIO \u2013 In a letter obtained by KSAT Friday morning, the San Antonio Spurs outlined its proposed&hellip;\n","protected":false},"author":3,"featured_media":91525,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5133],"tags":[5229,7288,7236,59594,25970,1260,13123,7202,7203,7199,358,3187,67,586,132,5230,68,2969],"class_list":{"0":"post-91524","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-san-antonio","8":"tag-america","9":"tag-bexar-county","10":"tag-downtown","11":"tag-frost-bank-center","12":"tag-hemisfair","13":"tag-nba","14":"tag-project-marvel","15":"tag-san-antonio","16":"tag-sanantonio","17":"tag-spurs","18":"tag-texas","19":"tag-tx","20":"tag-united-states","21":"tag-united-states-of-america","22":"tag-unitedstates","23":"tag-unitedstatesofamerica","24":"tag-us","25":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114914210944104645","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/91524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=91524"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/91524\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/91525"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=91524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=91524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=91524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}