The San Antonio City Council voted 7-4 on Thursday to approve a non-binding term sheet advancing Project Marvel, a proposed downtown arena that would serve as the new home of the San Antonio Spurs.
The plan centers on building a modern arena within a new sports and entertainment district spanning approximately 50 acres. The development will include mixed-use areas for residential, commercial, and retail purposes.
Under the approved term sheet, the City of San Antonio will contribute $489 million to the arena’s construction. Bexar County will provide an additional $311 million. The San Antonio Spurs will contribute $2.5 million annually over a 30-year period, totaling $75 million. The team is also contractually required to initiate $500 million in surrounding private development.
The current arena, the AT&T Center, has been the Spurs’ home since 2002. The proposed new venue is designed to offer upgraded facilities and serve as the anchor for broader redevelopment efforts in downtown San Antonio.
