Voters Approve San Antonio Spurs’ Downtown Arena Project
The San Antonio Spurs are one step closer to their new downtown arena after Bexar County voters approved a pivotal plan. On Tuesday, over 52% of voters supported allocating up to $311 million in venue taxes for the construction of a multipurpose arena. This decision comes amidst some opposition from lawmakers and local groups.
Details of the Arena Project Approval
The Spurs have pledged at least $500 million toward building the new arena. They will also cover any construction overruns that may arise. Additionally, the team will rent the venue, contributing to the proposed $489 million investment from the city of San Antonio.
Community and Economic Impact
- The Spurs project promises to generate about $1.4 billion in private development around the arena.
- Voter support was essential for funding through visitor-contributed venue taxes, which do not affect local property taxes.
- Mayor Gina Ortiz Jones emphasizes the need for further analysis regarding the city’s financial commitment.
Peter J. Holt, chairman of Spurs Sports and Entertainment, expressed the team’s commitment to the city and the community. He stated, “This is something we deserve. Our fans deserve it. Our community deserves it.” Holt emphasized the project’s benefits for various sectors, asserting the Spurs’ dedication to executing a significant development plan.
Future Considerations
Polling before the election indicated a challenging landscape for the Spurs to secure voter approval. However, the community’s backing has established momentum for the arena initiative. Construction specifics remain uncertain, as the Spurs are still in the early design phase. The team currently plays at the Frost Bank Center, with its lease set to expire in 2032.
In addition to the arena project, voters approved a separate measure that may lead to increased funding for rodeos in San Antonio, potentially allocating around $200 million for that purpose.
