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The City of San Diego Wants a New Downtown San Diego Chargers Football Stadium!

By Mike in Downtown San Diego Real Estate Market Analysis|Downtown San Diego Urban Lifestyle|November 2009|Video with 0 Comments

The City of San Diego and the Chargers have one particular spot in mind for a new Downtown San Diego football stadium. Just East of Petco Park is an 10 acre property right next to 14th Street, K Street, 16th Street and Imperial Avenue. This location would be ideal with plenty of parking, the San Diego Trolley within walking distance and a short stroll to Petco Park and everything Downtown San Diego has to offer!

To pay for the new football stadium, the City of San Diego Redevelopment Agency is getting help from a New York consultant to help them study on how to pay for it.

Sports Finance consultant Mitchell Ziets and Evolution Media Capitol LLC has been hired, a good sign that San Diego is moving along quickly with the plans and that the desire is on top for a new stadium.

Mark Fabiani, Chargers special counsel, says “that a Downtown San Diego stadium could be built for less than $800 million because parking, freeway access and public transportation already exist in the area.” Its what you do on any stadium project, says Fabiani You figure out what possible sources of revenue are out there, from the stadium and from other sources. You try to cobble together enough funding to make it work.

Fabiani has said in the past that the team would be willing to spend $200 million on a stadium and that the NFL might be willing to lend the team an additional $100 million, but that revenue from ancillary development — including offices, retail and Downtown San Diego Condos and Downtown San Diego Lofts — would play a big part in a place where public subsidies are a tough sell.

A team of architects has visited the future spot in mind and says that building a new stadium there is not going to be easy but is quite possible. Stay tuned on a follow up blog as soon as the plans on the new stadium develops.

To read about the Chargers block party in the East Village/Ballpark District and the Gaslamp District coming up, please click on San Diego Chargers 50th Anniversary Block Party 2009 in the Gaslamp District!