San Diego State University just got one step closer to completing the sale of its soon-to-be stadium now that Mayor Kevin Faulconer signed off on the purchase.
Qualcomm Stadium Sale
More on the long-awaited purchase.
The mayor announced in a Tweet on Thursday that he approved the $86.2 million Mission Valley sale with his signature. The next few steps involve escrow and obtaining the keys to the stadium before the university can break ground on the site – which it hopes to do so as soon as Aug. 17.
This deal was years in the making and the San Diego City Council’s July 1 decision to approve the sale helped the plan finally move forward after much negotiation. While lawyers continued to negotiate for more than a year-and-a-half, the city of San Diego paid $1 million monthly for the property, a burden that will be relieved with the sale.
SDSU is planning to use the site to house a 35,000 capacity Aztec Stadium, new educational facilities, a hotel, and a 34-acre river park that the public will be able to access.