Unveiling Project Marvel: $4 billion Spurs arena and entertainment district

SAN ANTONIO – Reports indicate that San Antonio is gearing up for a sports and entertainment revolution. City leaders are unveiling ambitious plans for a $4 billion project dubbed “Project Marvel” — which would include a new arena for the San Antonio Spurs this week.

This transformative project reportedly aims to reshape the southeast corner of downtown San Antonio, encompassing Hemisfair and its surrounding areas. City Council will delve into the specifics of this project during a special session on Thursday, November 21, 2024, at 10:30 AM at the San Antonio City Council Chambers.

According to recently filed documents, at that upcoming meeting, city staff members will brief the Mayor and Council on the conceptual plan, feasibility studies, potential funding sources for the Sports and Entertainment District, and next steps. “All of this is necessary to determine the overall feasibility of the proposed Sports and Entertainment District.

As the city moves forward with this ambitious endeavor, San Antonio fans and residents alike eagerly await further details on the timeline, funding, and specific plans for this transformative project which has been mostly shrouded in secrecy until now since various companies and other officials were asked to sign nondisclosure agreements.

The proposed “Project Marvel” is seen as a way to modernize and enhance the team’s facilities, but even without it insiders believe the Spurs would likely continue to play at the Frost Bank Center until their lease expires in 2032. After that? Anything is possible given the value and attractiveness of NBA Franchises, which are among the most valuable sports franchises globally, with values around $3 billion and top teams like the Los Angeles Lakers and New York Knicks valued at over $6 billion each. Franchises like San Antonio’s benefit from diverse revenue sources, including ticket sales, broadcasting rights, sponsorships, merchandise, and digital content so the fan base is expecting that the Spurs will contribute at least a portion of those profits into their own arena. Overall, owning an NBA franchise offers substantial financial rewards and a strong brand presence, making it an attractive investment.

The NBA itself is preparing to launch new franchises after the current media rights deal ends next year in 2025. Las Vegas and Seattle are two contenders for the new teams with Mexico City not far behind.

Before their new arena was built in 2002, the San Antonio Spurs did look at the possibility to leave the city- albeit quietly and behind the scenes. At the time, insiders say there were a number of different cities interested in relocating the franchise, who were playing at the Alamodome. That location was not ideal for basketball and cost the team too much money to operate. In 1999, after winning their first NBA Championship, voters approved an increase in car rental and hotel taxes to finance a new home and the Frost Bank Center, originally called the SBC Center, opened in 2002.

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Now, if the project is deemed feasible or only certain components are deemed feasible, the City will then initiate a community engagement process to include planning and design workshops and public meetings,” say the filings.

Additionally, this briefing will be the first of many public briefings. As feasibility studies are completed for each project, staff will return to the Mayor and City Council with another public briefing.

The city, Bexar County, and the San Antonio Spurs have been quietly collaborating since spring 2023 to envision a district that could redefine the city’s skyline. The project could include an expanded convention center, an upgraded Alamodome, a new event venue, a convention center hotel, and potentially a new arena for the San Antonio Spurs.

While details remain scarce, the city is exploring various funding sources and potential partnerships to bring this vision to life. If approved, the project will undergo extensive public engagement, including planning and design workshops. The city has been actively acquiring key parcels of land to facilitate the project. Notably, the University of Texas at San Antonio is in negotiations to acquire the Institute of Texan Cultures (ITC) property, which could free up valuable space for potential development.

According to those familiar with the plans, Project Marvel aligns seamlessly with the city’s broader vision for downtown revitalization. Some have hinted at the project’s potential impact, suggesting that it could significantly reshape the city’s landscape in the coming years.

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