Spurs Commit $1 Billion To New Arena Project In San Antonio

[RealGM Wiretap]

The San Antonio Spurs will commit over $1 billion to help pay for a new downtown arena as part of Project Marvel. The franchise sent a letter to the Mayor and City Manager with details of their investment.

The financial commitment includes $500 million for a new arena with guaranteed coverage of cost overruns, as well as $500 million in adjacent private downtown development. The total project could cost up to $4 billion.

In a letter sent to City Manager Erik Walsh, Spurs Sports & Entertainment Chairman Peter J. Holt said:

"Since the City of San Antonio firs approached our organization about a potential partnership, the San Antonio Spurs have remained committed to pursuing an equitable agreement that benefits our community as a whole, strengthens our economy, honors our city legacy, and serves generations to come without raising taxes on local residents. As we have done since 1973, we are operating in good faith, grounded in deep love for our community and a sincere desire to help San Antonio thrive."

The Spurs will continue playing at the Frost Bank Center until their lease ends in 2032. Frost Bank Center opened in 2002 as the Spurs previously played at the Alamodome.

Via Amanda Moreno/NBC San Antonio

[Rodimus921]

It’s really ridiculous how these billionaires and these cities approve these new buildings .. they take money out of tax payers .. don’t fix something. That it ain’t broken. Save the money

[Rainwater]

It’s really ridiculous how these billionaires and these cities approve these new buildings .. they take money out of tax payers .. don’t fix something. That it ain’t broken. Save the money

To be fair the goal of these arenas is that they will pay for themselves over the years and provide added revenue. They also support local businesses and employ many people. These arenas are pretty much attractions themselves at this point. City leaders just don’t build these areas just for the sake of building them. These buildings are only a failure if they produce less than they cost.

[Bornstellar]

It’s really ridiculous how these billionaires and these cities approve these new buildings .. they take money out of tax payers .. don’t fix something. That it ain’t broken. Save the money

If you lived in SA you'd understand how badly this is needed. Spurs are ponying up $1B for the arena and to help renovate the surrounding area. We desperately need to modernize our fan experience and build a legit downtown attraction for not only fans but tourists also. We are dead last in the NBA when it comes to fan experience

[G R E Y]

This is an incredible team investment to the arena, surrounding downtown infrastructure development, local companies and workers, and community support. All in. I hope city council responds in kind.

[Roy T]

It’s really ridiculous how these billionaires and these cities approve these new buildings .. they take money out of tax payers .. don’t fix something. That it ain’t broken. Save the money

If you lived in SA you'd understand how badly this is needed. Spurs are ponying up $1B for the arena and to help renovate the surrounding area. We desperately need to modernize our fan experience and build a legit downtown attraction for not only fans but tourists also. We are dead last in the NBA when it comes to fan experience

We finna pretend a 20 year old arena is outdated? What more of a fan experience do y‘all dopamine deprived zombies need, when Wembanyama is in the house?

[Rainwater]

It’s really ridiculous how these billionaires and these cities approve these new buildings .. they take money out of tax payers .. don’t fix something. That it ain’t broken. Save the money

If you lived in SA you'd understand how badly this is needed. Spurs are ponying up $1B for the arena and to help renovate the surrounding area. We desperately need to modernize our fan experience and build a legit downtown attraction for not only fans but tourists also. We are dead last in the NBA when it comes to fan experience

We finna pretend a 20 year old arena is outdated? What more of a fan experience do y‘all dopamine deprived zombies need, when Wembanyama is in the house?

It’s just not just not about Wemby but what the Arena could do to the surrounding downtown area.

[Bornstellar]

It’s really ridiculous how these billionaires and these cities approve these new buildings .. they take money out of tax payers .. don’t fix something. That it ain’t broken. Save the money

If you lived in SA you'd understand how badly this is needed. Spurs are ponying up $1B for the arena and to help renovate the surrounding area. We desperately need to modernize our fan experience and build a legit downtown attraction for not only fans but tourists also. We are dead last in the NBA when it comes to fan experience

We finna pretend a 20 year old arena is outdated? What more of a fan experience do y‘all dopamine deprived zombies need, when Wembanyama is in the house?

You clearly have never been to the Frost Bank Center.

First off all, don't be a dick. Secondly, the FBC is in the middle of nowhere in a warehouse/industrial area, there is literally NOTHING to do around it before or after a game and its on a bad side of town. They picked literally the worst possible place for it. It's not about the arena being old, it's about the location and the entre experience tied to it being underwhelming. The whole point is to make the downtown area exciting and enticing again