SAN DIEGO (KGTV) — After a deal 18 months in the making, the Mission Valley stadium site is now in the hands of San Diego State University.
"History was just made. Moments ago ownership of the iconic Mission Valley stadium site was officially transferred to [SDSU]. I'm so happy knowing the future of this land is finally set — a place where education, athletics and recreation thrive side by side," tweeted San Diego Mayor Kevin Faulconer on Thursday.
On June 30, City Council leaders approved the purchase and sale agreement that formalized the sale of the stadium site to SDSU, which was approved by voters through Measure G in 2018.
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San Diego sold the site for $88.2 million, up from SDSU's initial November 2019 offer of $68.2 million.
SDSU plans to expand the university, construct a new stadium, develop 80 acres of park and open space, and place 4,600 market-rate and affordable housing units on the land, per the voter-approved measure.
Aztec Stadium is expected to be ready by Fall 2022. It's 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.
SDSU plans to hold a groundbreaking event for the site on Aug. 17, which will be livestreamed here. The event will not be open to the public due to coronavirus-related restrictions.
TIMELINE OF SDSU MISSION VALLEY:
- November 6 - Wednesday, November 7, 2018: Voters shoot down Measure E, the so-called SoccerCity Initiative, with "no" votes totaling 69.6 percent. 54 percent of voters favored Measure G, which supported the SDSU West Initiative.
- August 17, 2019: SDSU releases new renderings of "Aztec Stadium" at Aztec Football Fan Fest
- October 14, 2019: San Diego State University presented an offer of $68.2 million to the San Diego City Council to purchase the SDCCU Stadium site in Mission Valley
- November 18, 2019: The San Diego City Council unanimously voted today to direct the city's negotiating team to proceed with San Diego State University's offer of $86.2 million to purchase and redevelop the SDCCU Stadium site
- December 5, 2019: Project gets $15M donation from Dianne Bashor
- December 27, 2019: SDSU asks for a list of bidders to upgrade internet at its proposed SDSU Stadium
- January 15, 2020: SDSU releases new renderings of its proposed river walk in Mission Valley (this would be near the stadium)
- January 28, 2020: City Council sets parameters on SDSU stadium sale, including a minimum of 10 percent affordable housing
- January 29, 2020: California State Board of Trustees approves environmental impact report and financing needed to acquire SDCCU
- March 24, 2020: California State Board of Trustees approves design and financing plans for Aztec Stadium
- May 19, 2020: City Council votes 7-2 to extend the contract of the law firm working on the city's behalf to sell the site
- May 29, 2020: City Council approves draft agreement to sell the Mission Valley stadium site to SDSU
- June 30, 2020: City Council approves the purchase and sale agreement that formalizes the sale of the Mission Valley stadium site to SDSU
