SD City Council Approves Sale of Mission Valley Stadium to SDSU
The multi-use stadium, estimated to cost $310 million, will be funded through donations as well as system-wide revenue bonds.
The San Diego City Council voted unanimously on Friday in favor of selling the city-owned Mission Valley stadium site to San Diego State University for $86.2 million. The deal took 18 months of negotiation with the city council alone, but both sides came to an agreement on Friday on the sale of the 132-acre piece of land.
The Purchase and Sale Agreement (PSA) can be found here which includes details on the university's future plans for the property.
The planned 35,000-capacity Aztec Stadium would be among the first projects to be built out. The overall project boasts new educational facilities, a 450-bed hotel, and a 34-acre city-owned river park. That river park's construction and maintenance will be the university's responsibility but will be accessible by the public.
While in negotiations, the city was footing a $1 million bill each month for the property. With the deal now approved, that burden will be lifted and the general fund will get a much-needed boost.
For further information, research the purchase plans for the Mission Valley site here.