The sports and entertainment company – Spurs Sports & Entertainment – has hired a group of real estate, architecture, engineering, construction, and financial advisory firms to plan and build its $1.3 billion arena downtown in Hemisfair (US).
Project Marvel
The $1.3 billion arena is the centerpiece of the city officials’ proposed sports and entertainment district known as Project Marvel which will boast community-oriented spaces.
The SS&E is contributing $500 million to the arena and covering any construction cost overruns. Up to $311 million is coming from the Bexar County and the city is kicking in $489 million.
‘yahoo!news’ stated that the architecture firm Overland International will lend design to the venue at the former Institute of Texan Cultures site at Hemisfair in San Antonio, Texas (US). The Dallas-based firm has several offices all over United States and has worked on the 80,000-capacity AT&T Stadium in Arlington, Texas, the 92,100-seat Cotton Bowl in Dallas, Texas, the 66,202-capacity U.S. Bank Stadium in Minneapolis, Minnesota, and the Kawasaki Arena in Japan, among other sports venues.
San Antonio (US)-based Spurs Sports & Entertainment (SS&E) is a value based and community-centric sports and entertainment company that provides premier live and global digital experiences for the fans.
Anchored in transformation, innovation and experience-led thinking, Overland International offers comprehensive services in architecture, urban design, master planning, and interiors.
‘yahoo!news’ further stated that the Chicago-based Marquee Development will lead the development of retail and hospitality projects and “community-focused spaces” around the $1.3 billion arena.
The firm is the real estate arm of the Ricketts family, the majority owners of the Major League Baseball (MLB) team Chicago Cubs and the National Women’s Soccer League (NWSL) team Chicago Stars FC. It has spearheaded mixed-use projects around sports venues such as the 41,649-capacity Wrigley Field in Chicago, Illinois, the 39,504-seat Target Field in Minneapolis, Minnesota, and the 69,143-capacity Nissan Stadium in Nashville, Tennessee.
CAA ICON will manage construction of the arena and the surrounding development. The project management firm’s portfolio includes the National Basketball Association (NBA) team Oklahoma City Thunder’s future arena, the19,000-capacity Toyota Center in Houston, Texas, where the NBA team Houston Rockets play and the 20,000-capacity Delta Center in Salt Lake City, Utah, the home of the NBA team Utah Jazz.
A division of the leading entertainment and sports agency Creative Artists Agency (CAA), Denver (US)-based CAA ICON is the world’s-leading Owners Representative and strategic management consulting firm for public and private sports and entertainment facility owners/operators, professional franchises and leagues.
The global design firm Sasaki, which recently created a master plan for an arboretum (a botanical garden devoted to trees) on San Antonio’s South Side, will be in charge of planning for the arena district.
San Antonio-based Pape-Dawson will lead environmental, civil and traffic engineering and surveying work.
Stafford Sports, a national firm that worked on the Frost Bank Center, will provide advisory and strategic planning services, and the Wall Street giant Goldman Sachs will act as the Financial Advisor.
San Antonio-based Jorge Rodriguez Financial Consulting and the global law firm Hunton Andrews Kurth LLP will provide financial consulting and legal services.
SS&E Chief Executive RC Buford said in a statement, “We are bringing together the right partners to deliver something San Antonio can be proud of.”
Surrounding Development
The SS&E plans to build $1.4 billion worth of projects around the arena to be built over a 12-year period.
The surrounding development is tied to the public financing for the arena as the rising property tax revenue from the projects will be used to back bonds to build the facility.
The city is seeking to acquire the site where the arena will be built from the University of Texas at San Antonio and the nearby properties where the development would be constructed from the federal Government. The city will lease the sites to SS&E.
Phased Development
The projects will be developed in phases and the first stage must be worth at least $500 million, according to a term sheet between the SS&E and the city.
That phase would be finished by the time the arena opens and would include a boutique hotel that could host the visiting NBA teams.
The SS&E’s lease for the county-owned 19,217-seat Frost Bank Center in San Antonio, Texas, runs through 2032.
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