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SDSU Mission Valley Proposal Lands $350M in Financing

New SDSU Stadium August 2019

San Diego State University‘s proposed stadium project in Mission Valley took a major step forward Wednesday, benefiting from several Board of Trustee decisions.

SDSU is currently in negotiations to purchase 135 acres of the city-owed SDCCU Stadium site in Mission Valley, which it would redevelop through an elaborate project. A 35,000-seat stadium designed to host the university’s football program and events such as professional soccer would be part of the development, along with a 34-acre river park, a surrounding outpost for the university, affordable housing, and more.

The California State University Board of Trustees advanced the proposal on Wednesday by certifying SDSU’s Final Environmental Impact Report (FEIR), signing off on the university’s development plan, and earmarking an initial $350 million toward the project. That would cover costs relating to property acquisition, initial site work, traffic improvements, and contingency costs.

There is still work to be done in planning the project, as SDSU and the city continue negotiations over the site. Still, Wednesday’s actions–combined with recent progress in the ongoing negotiations between SDSU and San Diego officials–helps bring the proposal closer to fruition. More from the San Diego Union-Tribune:

Wednesday, the 25-member California State University Board of Trustees approved the university’s Mission Valley development plan, certified the associated environmental analysis and allocated an initial $350 million for the project. It also granted the chancellor of the CSU system, who oversees all 23 universities, the authority to execute a deal with the city of San Diego.

The action comes on the heels of a productive City Council meeting where local leaders closed nearly a dozen gaps in a draft sale contract for the land. The agreement is, however, at least a few weeks away from being finalized, with the city and the institution still needing to come to an accord on several specifics in the lengthy contract.

In November 2018, voters passed Measure G (also known as the SDSU West initiative), directing the city to sell a portion of its SDCCU Stadium property to SDSU. The transaction, which has been characterized by the city as its largest land sale in recent history, is in the final stages. The school has proposed to pay an estimated $87.7 million for the land, build and maintain a city-owned river park, and construct the city’s long-desired Fenton Parkway Bridge….

The $350 million allocation is the first of two financial asks from the CSU. It includes $87.7 million to purchase the city’s land, $169 million for initial site development, $40 million for traffic improvements and $53.3 million for contingency costs.

“This is a significant milestone for our future development of SDSU Mission Valley which represents an unprecedented opportunity to expand and transform San Diego State University,” SDSU President Adela de la Torre said in a press statement. “This day is the culmination of extensive work by SDSU and CSU staff, the City of San Diego and the many supporters of SDSU Mission Valley who recognized this as an invaluable opportunity for SDSU to expand and better serve its academic mission and the community.”

SDSU has been seeking to complete construction of the stadium by the 2022 NCAA football season. Its football program currently plays at SDCCU Stadium, an outdated facility that originally opened as San Diego Stadium in 1967 and previously hosted the NFL’s Chargers and MLB’s Padres.

Renderings via SDSU athletics.

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August Publications