San Antonio Spurs closing in on getting new downtown arena

NBA team San Antonio Spurs are on the cusp of securing a new home after voters approved funding for new downtown arena in the Texan city.

Bexar County voters have officially approved the public funding component for a new $1.3 billion downtown arena for the San Antonio Spurs with this approval secured through Proposition B, which passed with about 52.1% of the vote on Tuesday, November 4.

New arena plans

The new venue is expected to cost approximately $1.3 billion and will be funded by Bexar County Venue Tax, up to $311 million (from hotel and rental car tax dollars). This was the portion requiring voter approval.

The City of San Antonio have also proposed a contribution of $489 million (from tax reinvestments, not requiring a public vote) and finally the team (San Antonio Spurs) will supply roughy $500 million, plus a commitment to cover all cost overruns.

The new arena is planned to be built at Hemisfair downtown, as part of a larger “sports and entertainment district” known as Project Marvel and the successful vote paves the way for the project to move forward. Spurs Chairman Peter J. Holt noted that the team is “at the very beginning of the design stage.”

The team’s lease at the current Frost Bank Center expires in 2032. The Spurs intend to open the new arena sometime in the early 2030s.

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