A $160 million ballpark in downtown San Antonio is leading off a broader mixed-use redevelopment by local developer Weston Urban.
The 8,000-seat planned stadium, for the San Antonio Missions minor league baseball team, is anticipated to catalyze up to $1 billion in private investment in surrounding hospitality, residential and commercial developments, the San Antonio Business Journal reported.
The heavy hitter in this venture is the Missions’ ownership group, which includes Weston Urban co-founders Graham Weston and Randy Smith.
Funding will be sourced from a bond backed by the Houston Street Tax Increment Reinvestment Zone and private investment. The Missions have committed $34 million toward the ballpark through lease payments and ticket fees. Tax revenue generated by the initial phases of development is projected to cover about 86 percent of the stadium’s cost.
The project requires approval from the San Antonio City Council and will be executed in four phases. The first two phases, amounting to approximately $575 million, are slated for completion by 2029. The final phases are expected to conclude by 2031, ensuring a gradual and steady enhancement of the downtown area. The ballpark is projected to open for the 2028 baseball season.
“This is a landmark moment for our city,” Mayor Ron Nirenberg said. “The collaboration between our local team and private investors underscores our commitment to revitalizing San Antonio while introducing a major league attraction to our community.”
Sports stadiums, which once created a black hole for cities outside of game days, are now seen as opportunities for vibrant mixed-use developments. Examples of this in Texas include the Dallas Cowboys’ training facility, The Star in Frisco, which is surrounded by $2 billion in development and made suburban Frisco the epicenter of Dallas-Fort Worth development.
— Andrew Terrell
Read more
Development
Texas
Weston Urban to build apartments where baseball stadium was planned
Residential
San Antonio
Multifamily construction starts plummet to 14-year low in San Antonio
Politics
Atlanta
Will Atlanta suburb’s bond-issuing authority fund a soccer stadium?