Spurs Commit Over $1B to New NBA Arena Project in Downtown San Antonio
The San Antonio Spurs announced that they are ready to heavily invest in their efforts to land a new arena.
The team stated in a letter to the San Antonio mayor and city planner that they will commit more than $1 billion toward Project Marvel, which includes the construction of a new downtown arena and surrounding development.
The investment includes (h/t News4SanAntonio's Amanda Moreno):
- $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.
The Spurs will continue to play at Frost Bank Center until the end of their lease in 2032.
The proposal also outlines several community-focused initiatives, including a commitment to award 30 percent of construction contracts to locally owned San Antonio businesses. It also promises 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.
