The San Diego City Council voted unanimously Friday to sell the city-owned Mission Valley stadium site to San Diego State University for $86.2 million.
“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,” said Mayor Kevin Faulconer after the vote.
The university and the city spent 18 months negotiating an agreement following passage of Measure G in November 2018.
“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,” said Faulconer.
The agreement allows for a new college football stadium, expansion of the campus for 15,000 more students, 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,” said SDSU President Adela de la Torre. “We are thrilled to take this critical next step toward closing the sale and creating generational opportunities for all San Diegans.”
City Council approval lays the groundwork for a final Purchase and Sale Agreement, which will be voted on at two council hearings scheduled for June 9 and June 23. SDSU expects to take ownership of the property in late July 2020
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