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2d ago

San Antonio Advances $91M Downtown Land Purchases for Project Marvel

City is holding off formal arena negotiations until studies clarify the public costs, revenue opportunities and mobility needs

In this file photo from 2025, crews demolish the Institute of Texan Cultures building at Hemisfair to make way for a new Spurs arena. A smaller version of the institute opened in the Frost Tower.
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A rendering shows concepts for the city of San Antonio’s proposed sports and entertainment district downtown, which is expected to include a new arena for the Spurs, an expanded Convention Center, a renovated Alamodome and the John H. Wood Jr. Federal Courthouse building converted to an event venue.

Overview

  • City staff said Wednesday they expect to complete about $91 million in property buys for the downtown sports and entertainment district by year-end and to close on a 5.7-acre federal parcel in Hemisfair in July using $31 million from the Spurs.
  • The city is negotiating to buy the former Institute of Texan Cultures site from the University of Texas System for about $60 million and plans to lease that arena site to the Spurs organization.
  • City Manager Erik Walsh said officials have not begun formal arena negotiations and will wait for studies on emergency and security service costs, revenue forecasts and mobility that are due this fall.
  • Planned financing remains a multi-party mix with the Spurs pledging $500 million, Bexar County offering up to $311 million and the city positioned to contribute roughly $489 million to $549 million backed by Midtown TIRZ tax captures, with state and city revenue estimates differing.
  • The pause and property buys shift timing and scope for related projects by exposing likely infrastructure and service costs, increasing scrutiny of who pays for police, traffic and transit upgrades, and setting up a September study cadence and an online dashboard to track progress next year.