San Diego State University has increased its offer to purchase the SDCCU Stadium site from the city, adding almost $20 million to its pitch to purchase 135 acres of land.
The SDCCU Stadium site in Mission Valley is being targeted by SDSU for a project that will include a new stadium, along with a surrounding outpost for the university. Earlier this month, SDSU presented an offer to the city that included a proposal to buy land needed for the development at a cost of $68.2 million. In addition, that proposal called for SDSU to assume the cost of constructing a 34-acre river park at a cost of at least $30 million, while committing to annual maintenance (estimated at nearly $600,000). Furthermore, the university offered to take on the upfront costs of constructing a new $22-million bridge, with a 75 perfect reimbursement coming from the city.
Certain terms have changed under the latest offer, which was submitted to San Diego mayor Kevin Faulconer on Monday. As part of the revised terms, SDSU would pay a total of $87.7 million for the land, including a purchase price of $86.2 million along with an estimated $1.5 million to account for a portion of the property’s appreciation since 2017. SDSU also requested that $8.5 million from the purchase price go toward the bridge’s construction, with the university still offering to front-load the cost. There has been no decision on the offer yet, but with this latest pitch, SDSU could settle some concerns about the previous proposal. More from the San Diego Union-Tribune:
“The proposal represents a significant step forward in allowing the parties to reach consensus on purchase and sale terms, setting the stage for the city to transfer this property to SDSU,” Faulconer wrote in a Monday letter addressed to SDSU President Adela de la Torre.
The mayor also noted that he was “pleased” to move the offer letter forward to the city council and the city attorney for further review. Council members are expected to publicly weigh in on the terms during a Nov. 18 meeting, a spokeswoman for the mayor’s office said….
SDSU initially offered $68.2 million for the site, which matched exactly the 2017 land value as assessed this year by an independent appraiser. However, the city noted that the sum discounted the property for improvements needed to build a 34-acre river park and demolition costs associated with the existing stadium. Those allowances, adding up to $18 million in potential costs to the city, would be inconsistent with Measure G, the city maintained.
In contrast, Monday’s revised price tag of $86.2 million aligns with the city’s interpretation of the initiative.
Current plans call for the new stadium to host SDSU football and be designed to accommodate professional soccer. University officials have previously expressed hopes of having it completed by the 2022 college football season. Currently home to SDSU football and formerly used by the NFL’s Chargers and MLB’s Padres, SDCCU Stadium was first completed in 1967.
Renderings via SDSU athletics.
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