SDSU Submits Final Mission Valley Land Purchase and Sale Agreement

San Diego State is hoping for final approval of proposal to purchase SDCCU Stadium land by mid-May


Even during the coronavirus pandemic San Diego State University and the City of San Diego are trying to move forward on a purchase plan for 135 acres of land in Mission Valley where SDCCU Stadium currently sits.

At the City's request, SDSU sent the final draft of its Purchase and Sale agreement to the City Council on Tuesday. This is the second revision the university has made to its plan. Timing is important here because SDSU wants to be able to have the sale wrapped up in July and get the redevelopment plan started soon thereafter.

The hope is to have the City agree to the offer then get it back to SDSU so Chancellor Timothy P. White can sign it by May 5, which would give it enough time for the full City Council to green light the transaction my May 19.

In a statement to NBC 7 SportsWrap, a San Diego State University representative said:

"Despite the ongoing global pandemic, San Diego State University and the City of San Diego continue to work together with planned negotiations. SDSU anticipates a July close of escrow per the timeline reported earlier this year. However, due to social distancing guidelines, planned events, like a formal groundbreaking ceremony, may be carried out differently following the close of escrow."

The purchase price of the site is expected to total $87.7 million after inflationary adjustments. If the deal goes through SDSU will be able to start its expanded campus construction, which the school says will include a new 35,000-seat multi-use stadium (at an estimated cost of $310 million), a River Park covering at least 80 acres, residential units and 1.6 million square feet of what SDSU calls "innovation space."

In a letter to Mayor Kevin Faluconer, San Diego State University President Adela de la Torre said:

"Securing the Mission Valley site is of primary importance to our campus community and the CSU as this site represents our best opportunity to expand SDSU in order to serve the tens of thousands students (SIC) that look to achieve the benefits of higher education through our campus. SDSU offers not only the rigors of academia, but also the joy of NCAA sports, a campus living environment, and the ability to learn outside the confines of a classroom."

Construction has not stopped on SoFi Stadium, the new facility being built by Los Angeles Rams owner Stan Kroenke, but it's unknown if the COVID-19 pandemic will have an impact on the construction progress of this project.

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