The San Antonio Spurs plan for a new downtown arena is moving forward after Bexar County voters approved the proposal last week.
Proposition B passed with 52% support, allocating up to $311 million in venue taxes toward the $1.3B to $1.5B project.
The Spurs are in the early design phase, while city officials work on agreements for funding, community benefits, and project specifics.
The San Antonio Spurs basketball franchise is moving forward with a plan to build a new downtown arena, following voter approval last week in Bexar County, Texas, according to Texas Public Radio.
Proposition B passed with just over 52% support in Bexar County, allowing the commitment of up to $311 million in venue taxes to help fund the multipurpose arena. The total estimated cost of the arena build is $1.3 to $1.5 billion.
The Spurs organization has pledged at least $500 million toward construction and will cover any cost overruns. The city of San Antonio plans to contribute up to $489 million, primarily funded through hotel taxes and car rentals paid by visitors, rather than local taxpayers.
The project is part of a broader downtown redevelopment effort, which includes private development valued at approximately $1.4 billion surrounding the arena location in Hemisfair Park.
The Spurs are in the early design stages, and city officials are working on agreements to finalize funding, community benefits, and project details.
The lease on their existing home, the Frost Bank Center, runs through 2032, and there is no fixed timetable for the construction or completion of the new Spurs arena.
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