SAN ANTONIO – The San Antonio City Council is poised for a significant update regarding Project Marvel, the ambitious initiative aimed at constructing a new arena for the San Antonio Spurs in the heart of downtown. As plans develop, the council is expected to discuss progress in October, with the construction projected to commence in approximately one year and the arena anticipated to be operational by 2031.
This expansive project follows the approval of Proposition B by 52% of Bexar County voters last fall. This measure authorized up to $311 million in county funding for the $1.3 billion Spurs arena, funded through a venue tax on hotel stays and car rentals. Additionally, San Antonio taxpayers are expected to contribute an estimated $489 million to the initiative.
Trish DeBerry, the president and CEO of Centro San Antonio, a nonprofit organization dedicated to enhancing the urban core of the city, expressed optimism regarding the potential economic benefits of the project. She emphasized that the arena, along with a proposed entertainment district and baseball stadium, could significantly boost local economic activity by attracting visitors, convention-goers, and residents alike.
“The arena coming into downtown creates not only a hospitable environment for people to come in here before the game, but stay long after the game,” DeBerry noted. “And guess what that translates into? Sales taxes, alcohol receipts, and that all goes into the general fund in San Antonio for streets, drainage, and infrastructure.”
San Antonio Mayor Gina Ortiz Jones has stated that her current focus is on negotiating the best possible deal for the city through a non-binding term sheet. This agreement could encompass various aspects such as naming rights, a share of parking revenue, or concessions, which could substantially benefit the city’s financial landscape.
The existing community benefits agreement is valued at $75 million over a 30-year period, but Jones has expressed concern that this figure may be insufficient to meet the needs of the city and its residents.
