San Diego State University Nearing Purchase of the Mission Valley Stadium Site

by | May 29, 2020 | San Diego County

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On May 29th the San Diego City Council tentatively approved a draft purchase and sale agreement to sell approximately 132 acres of land and the existing SDCCU stadium site to San Diego State University for the development of the SDSU Mission Valley Campus Master Plan. 

The project would include about 86 acres of open space, 1.6 million square feet of campus uses, construction of a new 35,000-capacity stadium and approximately 4,600 new housing units, with 10% being set aside for affordable housing. 

Per San Diego’s Measure G, the City’s potential sale of the site to SDSU must be based on fair market value of the existing stadium site and in the public interest. Under the current proposed purchase and sale agreement, the university will pay the City approximately $88 million.

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Based on the City’s staff report, the transaction documents need to be reviewed and approved by the San Diego City Council via an ordinance, which will require two readings in open session and then a 30-day referendum period before the Mayor or his designee. Once the City’s representative has signed the purchase and sale agreement, the parties can open escrow for the sale transaction expected in July.

The San Diego City Council is now expected to consider the final purchase and sale agreement and environmental documents on June 9th.