SAN ANTONIO — San Antonio’s City Council will vote Thursday on Project Marvel, a roughly $4 billion plan for a downtown sports and entertainment district.
This project would create a new downtown Spurs arena, along with an entertainment venue, a larger convention center, a new convention hotel, a land bridge over I-37 to connect the East Side to downtown and a redesigned Alamodome.
“This agreement to pursue a downtown sports and entertainment district that includes the Spurs represents a shared commitment to the future of our community,” Mayor Ron Nirenberg said. “It also allows us to begin a thoughtful and transparent process—not only to explore what will be necessary to fund this project, but also to engage directly with our residents to better understand their needs and priorities. San Antonio deserves world-class opportunities, and our residents deserve to have a voice in shaping them.”
San Antonio’s funding plan for these projects relies heavily on tourism taxes, developer property taxes, Spurs contributions and a new Project Finance Zone (PFZ).
Within 3 miles of a qualifying project lies a PFZ where the state’s hotel revenue growth over 30 years funds project improvements.
“We appreciate the partnership between the City and County as we take steps together in exploring a future downtown Spurs arena,” Spurs CEO RC Buford said. “This is an exciting project that we believe presents the opportunity to energize our economy, strengthen our community and position San Antonio for long-term success.”
This is a developing story. Check back for updates.