SAN DIEGO (KGTV) — City Council leaders on Tuesday approved the purchase and sale agreement that formalizes the sale of the Mission Valley stadium site to San Diego State University.
Following the council's approval of the PSA, a required 30-day waiting period begins. After that, Mayor Kevin Faulconer will sign the agreement to complete the sale and begin the escrow period of the land.
Transfer of ownership of the stadium site is expected to take place in early August. Construction on the university's Aztec Stadium is expected to begin shortly after, with the stadium and river park first on SDSU's list for development.
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Following the vote, Faulconer and SDSU President Adela de la Torre issued a joint statement on the agreement:
"Today’s final and historic City Council approval of the sale of the Mission Valley stadium site to San Diego State University ushers in a new era for both the City of San Diego and its oldest university. It brings an end to any questions about the future of the stadium site and begins the revitalization of public land to better serve our regional community.
SDSU Mission Valley will create an academic and research hub helping generations of San Diegans achieve their personal, educational, and professional goals. It will create thousands of jobs and strengthen our regional economy. It will also support many of the City’s goals by creating more housing, including affordable housing; enhancing mobility options with a new bike and pedestrian paths; increasing transit use; and improving the quality of life for all San Diegans through the creation of a world-class river park.
We are grateful for the work that has been done over the past 19 months to get us to this point, and look forward to further strengthening the partnership between the City of San Diego and SDSU as this project becomes a reality."
Aztec Stadium is expected to cost about $310 million and will be funded through philanthropic gifts and bonds to be paid back through revenue generated by the facility. The facility's revenue will also support its operating costs.
The project is part of San Diego State's "SDSU Mission Valley" campus plan, which includes school facilities; housing for students, the community, and affordable housing; retail; and a community river park.