Taking another major step to deliver on a voter-approved vision for Mission Valley, the San Diego City Council on May 29 voted to move forward with a purchase and sale agreement between the City and San Diego State University for the purchase of the Mission Valley stadium site. The historic agreement calls for the development of a world-class campus, multi-use stadium and river park.
“Today a new future for Mission Valley took shape, one with an expansive river park, a new stadium and a world-class campus that will serve our region for generations for come,” Mayor Kevin Faulconer said. “Both parties wanted to get this done right, and the time and thoughtfulness put into this agreement have created a final product San Diegans can be proud of. This agreement is fair and equitable, and I want to thank Council President Gomez, City Attorney Elliott and SDSU for their commitment.”
San Diego State University and the City have spent 18 months negotiating an agreement that is fair, protects taxpayers, and fulfills the spirit of Measure G passed by voters in November of 2018. The agreement allows for the expansion of SDSU, 80-acres of park and open space along the San Diego River, and up to 4,600 market-rate and affordable housing units.
“We have reached a pivotal milestone moment. SDSU Mission Valley will be a true revitalization of public land in all aspects of the plan,” SDSU President Adela de la Torre said. “We are thrilled to take this critical next step toward closing the sale and creating generational opportunities for all San Diegans.”
City Council approval today lays the groundwork for a final Purchase and Sale Agreement (PSA), which requires two City Council hearings for June 9 and June 23. Following those actions, a 30-day referendum period is legally required before Mayor Faulconer can sign the agreement and escrow can be initiated. SDSU expects to take ownership of the property in late July 2020.
City Attorney Mara W. Elliott led the City’s legal team, which spent considerable time minimizing the City’s exposure to liability, protecting the Pure Water recycling program, and avoiding costs to taxpayers and water and sewer customers.
“I’m proud that through long and difficult negotiations we reached agreement on the deal San Diegans voted for – one that is fair and equitable and benefits the public,” Elliott said. “That’s a victory for both SDSU and the City, which was always the goal.”
SDSU Mission Valley is set to provide educational opportunities for up to 15,000 additional students and expand the university’s economic impact by an estimated $3 billion per year.
