The San Diego City Council Monday will discuss an offer from San Diego State University to purchase the former Qualcomm Stadium site in Mission Valley, part of SDSU’s planned redevelopment of the property.
SDSU and the city’s negotiating team, composed of officials in various city departments and the city attorney’s office, have haggled in recent weeks over the university’s pledge to offer “fair market value” for the property and what that entails. An appraisal from the city’s Real Estate Assets Department found that the September 2017 value of the site is roughly $68.2 million.
An analysis of that appraisal by the city’s independent budget analyst, however, found that the value of the site may be as high as $104.5 million when taking into account appropriate indexing for 2020 and other conditions of the university’s redevelopment plan such as SDSU incurring the cost of demolishing the stadium and constructing a river park.
The council is not expected to vote on the offer during its 2 p.m. meeting. The two sides met in closed session last Tuesday to discuss the appraisal.
They intend to exchange a 132-acre parcel of land, which SDSU would redevelop into a 35,000-seat stadium to be primarily used by the university’s football team, a satellite campus, a park along the San Diego River and commercial and residential space.
San Diego voters approved the plan, then known as SDSU West and now dubbed SDSU Mission Valley, last November. Since then, the university has selected two firms to oversee the planning and construction of the future stadium and campus while negotiating the sale with the city.
On the project’s current timeline, university officials expect the California State University Board of Trustees to consider approving a draft environmental impact report on the plan early next year. The university expects to break ground on the project in early 2020 and complete the redevelopment in its entirety by the mid-2030s.
The council will meet at 2 p.m. in the City Administration’s 12th floor council chambers, located at 202 C St.
— City News Service