Voters in Bexar County, Texas, have approved a significant proposal that brings the San Antonio Spurs closer to constructing a new downtown arena. On March 5, 2024, over 52% of voters supported the plan, which allows officials to commit up to $311 million in venue taxes for the project. This funding is aimed at creating a multipurpose facility expected to enhance the community and attract visitors.
The Spurs organization has pledged to invest at least $500 million into the arena’s construction, covering any potential cost overruns. Additionally, the team will pay rent at the new facility, contributing to the city’s projected $489 million financial commitment towards the project. This collaboration is seen as a vital development for both the team and the city.
Peter J. Holt, chairman of Spurs Sports and Entertainment, expressed enthusiasm about the future. “We love this city, we love this county, and the county and the city love us back,” he stated during a press conference following the vote.
Community Impact and Future Developments
The Spurs’ proposal includes ambitious plans for private development surrounding the new arena, with an estimated $1.4 billion expected to be generated. Holt emphasized that this project is more than just an arena; it aims to support various sectors of the community, including local rodeos. A separate measure that passed alongside the arena proposal allocates approximately $200 million for enhancing rodeo events in San Antonio.
In their campaign, the Spurs made a clear case to voters, highlighting that venue taxes would primarily be funded by visitors through expenses such as hotel stays and rental cars. They assured that this plan would not lead to an increase in property taxes for San Antonio residents. Yet, prior to the vote, polling indicated challenges in gaining widespread support for the initiative.
The city’s mayor, Gina Ortiz Jones, expressed the need for further analysis regarding the project and the city’s financial involvement. “We’re going to work together to get something special done,” Holt responded, emphasizing collaboration between the team and the local government.
Next Steps and Timeline
As the Spurs celebrate this milestone, there remains no definitive timeline for the construction of the new arena. Holt noted that the team is currently in the initial design phase. Their lease at the Frost Bank Center, the team’s existing home, will remain in effect until 2032.
The approval marks a significant turning point for the Spurs and the San Antonio community. As the plans develop, the focus will be on ensuring that the project not only enhances the Spurs’ presence in the city but also contributes positively to the local economy and culture.
