Spurs' $1.3B Downtown Arena Plans Approved After Ballot Measure on Funding Passes

The San Antonio Spurs have moved one step closer to getting a new arena in their home city.

City residents on Tuesday voted to approve a ballot measure that includes $1.3 billion dedicated to building an arena next to the Alamodome and Convention Center in downtown San Antonio.

The measure passed with 52.5 percent approval from a total of 246,710 voters in Tuesday's election, per The Athletic's Jared Weiss.

Andrea Drusch and Jasper Kenzo Sundeen of San Antonio Report noted the funding approval will come from a combination of the city and Bexar County venue tax.

The Spurs organization has said they plan to commit $500 million of funding toward the project.

"We love this city, we love this county, and the county and the city love us back," Peter J. Holt, the chairman of Spurs Sports and Entertainment. told reporters after Tuesday's vote.

The San Antonio city council previously approved the framework of the Spurs' arena deal in August.

Per Molly Smith of the San Antonio Express News, the city has put out a timeline for construction on the new arena to begin in the "second quarter of 2026" and wrap up in "mid-2028".

The Spurs' current lease with Frost Bank Center doesn't expire until Sept. 30, 2032, with Smith noting they would owe Bexar County $100 million if they were to leave the arena prior to Sept. 30, 2028. That figure drops by $6 million every year after 2028.

Frost Bank Center has been the Spurs' home since the 2002-03 NBA season. They have won four of their five championships since moving into the arena.

Optimism around the Spurs franchise is as high as it has been in many years thanks to the emergence of Victor Wembanyama into a potential MVP candidate. The 21-year-old has led the team to a 5-1 start this season.