SDSU makes new, higher offer for Mission Valley stadium site
SAN DIEGO (KUSI) – San Diego State University is now offering to pay $19.5 million more than before to purchase the city’s Mission Valley stadium property.
The university has offered $86.2 million for the 135-acre stadium site, as well as to receive the Murphy Canyon Creek adjacent to the site as is, without requiring the city to pay for any past-due maintenance.
SDSU initially offered $68.2 million for the site, which matched exactly the 2017 land value. However, that amount didn’t include the property for improvements needed to build a 34-acre river park and demolition costs associated with the existing stadium. The revised price tag of $86.2 million aligns with the city’s interpretation of the initiative.
The new proposal says that SDSU will provide $5 million for additional traffic improvements along with providing 100 percent of costs for the 34-acre river park. They have also offered to make 10 percent of the units affordable housing.
The university anticipates final city council approval in February and a deal closing date no later than March 27, 2020.