Tuesday, March 24, 2020
Aztec Multi-Use Stadium Project Receives Key Approval from CSU Board of Trustees
Approval enables SDSU to continue preparation for the 35,000-capacity Snapdragon Stadium.
By SDSU News Team
The California State University Board of Trustees today approved the design and financing plan for San Diego State University's new multi-use stadium in Mission Valley. The board's approval enables SDSU to continue preparation for the 35,000-capacity Snapdragon Stadium, which will be among the first projects to be constructed as part of the SDSU Mission Valley campus.
SDSU and the CSU will continue to assess the ongoing impacts of current events and make adjustments to the schedule and planning as needed.
"We are pleased that the trustees continue to share our vision for this project, as the construction of the stadium is a key first step allowing us to unlock the rest of the Mission Valley site plan," said SDSU President Adela de la Torre. "Current events remind us that we need to approach every decision with intention. The board's approval today means that we can move forward in our planning and deliberation, and advance Mission Valley as it makes the strongest sense for our students and for San Diego."
"The SDSU Mission Valley project enables the university and its partners to help people expand their livelihoods, create new career pathways, and expand our region's capabilities," de la Torre continued. "As a national hub for biotech, life sciences, and other areas, now more than ever it is imperative that we provide educational opportunities for local students to enter those fields. We continue to look forward to making this project a reality."
The multi-use stadium, estimated to cost $310 million, will be funded through philanthropic gifts as well as system-wide revenue bonds that will be paid back with revenue generated by the facility including ticket revenue, naming rights and concessions. The bond issuances can be timed appropriately based on market conditions moving forward. Operating costs will also be supported by revenue generated by the facility (e.g., ticket revenue, facilities rental revenue, naming rights, sponsorships, donations).
San Diego philanthropist Mrs. Dianne L. Bashor donated $15 million to the university in December 2019 for construction of the new stadium that will be part of SDSU Mission Valley. In recognition of her generosity, SDSU will name the field at the new Snapdragon Stadium Bashor Field.
"I am grateful to our Aztec community, which has already helped us raise more than $30 million toward the multi-use stadium project," said SDSU Director of Intercollegiate Athletics John David Wicker. "We recognize the unprecedented situation we find ourselves in right now, but continue to recognize that Mission Valley and the new multi-use stadium is a project that will benefit the entire region for generations to come."
The multi-use stadium will be located in the northwest corner of the site, which allows SDSU to continue to use the existing SDCCU Stadium while construction of the new multi-use stadium is completed. The new facility is being designed to meet a LEED Gold standard.
The project is part of the larger SDSU Mission Valley Campus Master Plan which was approved by the Board of Trustees in January. SDSU Mission Valley will provide SDSU with the space to grow enrollment, expand research and innovation programs, and add much needed housing for students, faculty, staff, and the general community, including affordable housing. Finally, the plan creates a long-awaited regional community River Park.
SDSU continues to work with the City of San Diego toward a completed purchase and sales agreement.
For more information about SDSU Mission Valley, please visit missionvalley.sdsu.edu.
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