Photo courtesy of SDSU
San Diego State has submitted a revised proposal to the San Diego City Council to purchase 135 acres of Mission Valley land critical to the university’s long-term expansion plans.
In a letter submitted to the mayor’s office on Oct. 28, SDSU said it had upped its cash offer for the parcel to $86.2 million, up $18 million from the original offer submitted to the council Oct. 14.
The $86.2 million figure is in line with an estimate of the land’s value published by the city’s Independent Budget Analyst on Oct. 11.
San Diego City Council President Georgette Gomez announced in an Oct. 29 tweet that the council would consider the revised proposal on Nov. 18.
Today, I released a memo stating my intent to docket a discussion at the City Council relating to @SDSU’s updated offer to purchase the Mission Valley stadium site on November 18, 2019.
See a copy of the memo below. pic.twitter.com/wroOuBNV3A
— CP Georgette Gómez (@GGomezD9) October 29, 2019
The university said it would also pay approximately $1.5 million to account for an appreciation in the fair market value between 2017 and the closing date. SDSU anticipates to take ownership of the land in March 2020 after final approval from the city council comes the month prior.
The California State University Board of Trustees is expected to approve all plans in January of next year, according to the letter.
“SDSU believes a great opportunity awaits the citizens of San Diego with the transformation of the Mission Valley stadium site into a vibrant campus community,” SDSU President Adela de la Torre said.
In addition to an increase in the university’s cash offer for the parcel, SDSU also outlined other concessions in the letter to the mayor.
The Murphy Canyon Creek parcel will be included “as is,” the letter said. SDSU previously requested the city perform deferred maintenance and other capital improvement projects on the site.
And SDSU will provide $5 million for other traffic improvements “in coordination with the city,” the letter said. This comes after SDSU agreed to front the $22 million of construction costs for a new two-lane Fenton Parkway bridge over the San Diego River. The university expects to receive 75% of those costs back from the city in the form of credits or other form or reimbursement.
The 135-acre parcel is crucial to the university’s expansion project, named SDSU Mission Valley. The university plans to construct a 35,000 seat multi-use stadium, a public River Park, hike and bike trails, a campus Innovation District and residential units, of which 10% will be set aside for affordable housing.
“SDSU’s proposed Mission Valley Campus Master Plan project has the opportunity to provide our region with increased educational access, advance our innovation economy and realize a vision that will serve San Diego for generations to come,” de la Torre said.
A previous version of the story misidentified the location of the Fenton Parkway bridge extension. The Daily Aztec regrets this error.