Spurs’ $311M Arena Proposal Approved by Voters in San Antonio

UPDATE: Voters in Bexar County, Texas, have just approved a pivotal measure that brings the San Antonio Spurs closer to a new downtown arena. The vote, confirmed on Tuesday, allows officials to utilize up to $311 million in venue taxes for the construction of a multipurpose facility, with over 52% of voters supporting the plan despite significant opposition.

This decision marks a major milestone for the Spurs, who have pledged to invest at least $500 million into the arena, covering all cost overruns. The team will also pay rent, contributing to a proposed $489 million investment from the city. “We love this city, we love this county, and the county and the city love us back,” stated Peter J. Holt, chairman of Spurs Sports and Entertainment, during a press conference shortly after the results were announced.

The proposed arena is expected to stimulate an estimated $1.4 billion in private development surrounding the site, reflecting a significant economic boost for the community. In addition, voters approved a separate measure enabling lawmakers to allocate around $200 million for more rodeos in San Antonio, further enhancing local entertainment options.

Holt emphasized the transformative potential of this project: “We’re ready to do something really special that’s going to help the Spurs, it’s going to help the rodeo, it’s going to help all sectors of the community and it’s going to be right in the heart of our city.” He believes this development is not just for the team but for the entire community, stating, “Our fans deserve it. Our community deserves it. We’re going to believe and execute big things.”

The Spurs presented a strong case to voters, highlighting that venue taxes are primarily funded by visitors through hotel and rental car bills, assuring residents that there would be no increase in their property taxes. However, Gina Ortiz Jones, the city’s mayor, has requested further analysis regarding the city’s financial contribution to the project, indicating that discussions are far from over.

The timeline for construction has yet to be established, with Holt mentioning that the Spurs are “at the very beginning of the design stage.” Currently, the Spurs’ lease at their existing home, the Frost Bank Center, is set to expire in 2032.

As this story develops, local residents and Spurs fans alike are encouraged to stay informed about upcoming meetings and plans regarding this ambitious project that promises to reshape the economic landscape of San Antonio.