The San Antonio Spurs announced Friday they’re ready to pour over $1 billion into a massive downtown development and a brand-new arena. The team plans to build their future home where the Institute of Texan Cultures currently sits.
The Spurs outlined their billion-dollar commitment in a letter to San Antonio’s mayor and city planner. Their pledge breaks down into three major pieces:
• $500 million toward a state-of-the-art arena (with the team covering any cost overruns)
• $500 million for surrounding private downtown development
• $60 million for community programs, including education initiatives, affordable tickets, and small business support
“Since the City of San Antonio first approached our organization about a potential partnership, the San Antonio Spurs have remained committed to pursuing an equitable agreement that benefits our community as a whole,” wrote Peter J. Holt, the Spurs Sports & Entertainment Chairman.
Holt emphasized the team’s dedication to the city they’ve called home for over 50 years.
“As we have done since 1973, we are operating in good faith, grounded in deep love for our community and a sincere desire to help San Antonio thrive.”
The arena itself won’t come cheap. Estimates put the price tag between $1.2 and $1.5 billion.
This is just one piece of what could become a $4 billion development – the largest in San Antonio’s history.
So who’s paying for all this? According to reporting from Amanda Moreno and Chris Hoffman of KABB Fox News 29, the funding plan looks something like this:
• The Spurs are putting up $500 million
• They’re asking the city to match that $500 million (using money from the Project Finance Zone backed by state tax dollars)
• That leaves roughly $200 million still needed
The remaining costs might be tricky to cover. County leaders have indicated that Bexar County’s venue tax will prioritize the Freeman Coliseum and Frost Bank Center first, with the Spurs’ new arena getting whatever funds are left over.
The team is also making some fan-friendly promises. They’ve committed to free VIA Park & Ride transportation for up to 2,000 fans per game.
Want affordable tickets? The Spurs are guaranteeing 500 tickets priced at $25 or less for every home game.
The proposal also includes a commitment to award 30% of construction contracts to locally owned San Antonio businesses and funding for a new early childhood education program.
Don’t expect to see games in the new arena anytime soon, though. The Spurs will continue playing at Frost Bank Center until their lease ends in 2032.
