UPDATE: Voters in Bexar County, Texas have just greenlighted a transformative plan for a new downtown arena for the San Antonio Spurs, approving the commitment of up to $311 million in venue taxes. This urgent decision, finalized on Tuesday, saw over 52% of voters backing the measure, despite notable opposition from some lawmakers and advocacy groups.
The Spurs have pledged a significant investment of at least $500 million towards the construction of the new multipurpose arena, with the promise to absorb all cost overruns. In addition, they will pay rent at the new venue, which will contribute to a projected $489 million contribution from the city.
“We love this city, we love this county, and the county and the city love us back,” declared Peter J. Holt, chairman of Spurs Sports and Entertainment, in a statement to reporters shortly after the vote results were announced. “This is something we deserve. Our fans deserve it. Our community deserves it. We’re going to believe and execute big things.”
In a bold vision for the future, the Spurs are also promising around $1.4 billion in private development surrounding the new arena, which could significantly boost the local economy. Additionally, another measure that passed alongside the arena vote allocates approximately $200 million for enhancing rodeo facilities in San Antonio, further enriching the community.
The Spurs made it clear to voters that the venue taxes, primarily paid by visitors through hotel and rental car fees, will not result in increased property taxes for residents. This focus on community benefit was vital, especially given earlier polling that indicated a tough road ahead for the proposal.
However, Gina Ortiz Jones, the city’s mayor, has expressed the need for more analysis regarding the city’s financial commitment to the project. “We’re going to work together to get something special done,” Holt affirmed, signaling a collaborative approach moving forward.
As of now, there is no established timeline for construction, with Holt indicating that the team is “at the very beginning of the design stage.” The Spurs’ current lease at the Frost Bank Center extends until 2032, providing a window for planning and development.
This pivotal moment is set to reshape not only the Spurs’ future but also the landscape of San Antonio, emphasizing the community’s passion for sports and development. As details unfold, the Spurs and city officials will need to work closely to ensure the project meets the high expectations of fans and residents alike.
Stay tuned for more updates on this developing story as the Spurs take a significant step towards a new era in San Antonio sports.