The Spurs received critical approval from Bexar County voters Tuesday on a funding measure to bring a new $1.3 billion arena to downtown San Antonio.
About 52% of voters supported the measure to contribute $311 million to help fund a new venue at Hemisfair, the site of the 1968 World’s Fair. The county funds will come from hotel and rental car tax receipts.
The city of San Antonio will also contribute $489 million, which is not subject to voting by citizens. The Spurs will add another $500 million and cover all cost overruns, as well as utilize private partners for mixed-use development around the arena.
“The community has spoken,” Spurs Sports and Entertainment chair Peter J. Holt said after the vote. “We love this city, we love this county, and the county and the city love us back.”
The approval effectively ends discussions about the Spurs relocating to another market in search of an improvement on the 23-year-old Frost Bank Center.
The team’s current lease at Frost Bank Center expires in 2032, and the new arena is reportedly expected to be completed sometime in the early 2030s.
Leading up to the vote, the county funding proposal received promotion from the team including Spurs legend Manu Ginobili and current Spurs superstar Victor Wembanyama.
“I think about my future — and my present — all the time, in San Antonio, of course,” Wembanyama said. “And recently a little about the arena because it’s been a subject. … For all areas of my career, I’m very intentional. Even though some things take time (and) patience is needed, I’ve never been one to waste time.”
–Field Level Media
