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SDSU Prepares Offer to Buy SDCCU Stadium Site

New SDSU Stadium August 2019

San Diego State University will formally present the city its terms for purchasing the SDCCU Stadium site next week, representing the latest step for its proposal that includes a new stadium.

SDSU is seeking to purchase 132 acres of land in Mission Valley from the City of San Diego that includes SDCCU Stadium, the current home of its football program. The purchase would facilitate a redevelopment project that includes the construction of a new stadium at the site, along with a surrounding outpost for the university.

Those plans are not at all final, as SDSU and San Diego officials still have plenty of issues to iron out before the proposal could move forward, but SDSU will take its latest step by publicly pitching purchase and sale terms to the city council on Monday. The university is expected to make an offer of $68.2 million for the site, while agreeing to front the cost of a $21 million north-south roadway dubbed the Fenton Parkway Bridge–a move that could make its offer more enticing. More from the San Diego Union-Tribune:

The coming-soon offer appears to be part of the university’s new-found resolve to negotiate without the secrecy required by its confidentially agreement with the city. And it trails the release of a draft site appraisal earlier this week, which assigns a fair market value of $68.2 million, in 2017 dollars, when factoring in more than $253 million in deductions.

“Earlier today SDSU sent a letter to the city ending the (memorandum of understanding) regarding confidentiality as we feel it no longer serves its purpose,” SDSU President Adela de la Torre told reporters. “We want to be transparent, and that is why we are here today. We are prepared to pay the appraised fair market value because that is what the land is worth.”

The statements bring to a head private talks with the city’s negotiating team that have been ongoing for nearly a year. In November, voters passed a citizens’ initiative that created a framework for SDSU to buy the property, where it is proposing to build a 35,000-capacity stadium and satellite campus in place of an existing stadium and parking lot. The university is simultaneously working to complete its environmental review of a campus master plan for the site in an effort to start building its football stadium early next year.

“We are encouraged by the steps SDSU has taken and look forward to receiving their offer on Monday,” said Christina Di Leva Chadwick, a spokeswoman for Mayor Kevin Faulconer.

There will be some crucial terms that the two sides need to resolve going forward, including the value of the land and whether SDSU should assume control of a creek that runs parallel to the stadium site. In addition, an environmental impact report would have to receive city council approval before a sale of the site could be finalized.

Discussions on the project moved forward last November, when voters approved a referendum that directed the city to enter into negotiations with SDSU over a potential sale of the site that includes SDCCU Stadium. The aging SDCCU Stadium was first built in 1967 and previously hosted both the NFL’s Chargers and MLB’s Padres.

Renderings via SDSU athletics.

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