San Diego State New Football Stadium latest 2023

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San Diego Chargers New Stadium in Downtown: How It Will Affect the Real Estate Market

The City of San Diego and the Chargers have been considering a 10-acre site east of Petco Park for about a year, saying a stadium could cost $800 million, including $500 million in public funds. Team officials said in December that a new stadium would almost certainly involve taxpayers’ money, after almost seven years of saying it wouldn’t.

The new stadium would bring work back to the city center and create jobs. “People need jobs now and when you have the opportunity to do the right thing for the city of San Diego, it should be done,” said San Diegan resident Adam Zavarian. The stadium, which was not mentioned explicitly in the legislation, was not designed and it could take several years before construction can begin. No financial plan has yet been proposed for the 62,000 seater stadium, but completion is unlikely before 2015.

With a new state-of-the-art football stadium in San Diego, there are several positive economic factors. Just like Dallas Cowboys Stadium did for Jerry Jones, the new downtown stadium can do it for San Diego. There is the possibility of hosting a 6th BCS bowling game. The potential for the World Cup to return to the United States and the West Coast, and maybe even a Pro Bowl. These things are just speculation at this point, but they are all major economic factors with potential in the next 10-15 years. Not to mention each Superbowl generating around $300 million in local spending from the event.

What the stadium means for downtown property prices:

  1. The real estate value of car parks will increase: anyone with additional parking will be able to charge a premium for spaces during the season.
  2. New development condominiums can be incorporated into the stadium at The Legends and Petco Park. Thus, co-owners can have “season passes”. Definitely desirable real estate and the first of its kind.
  3. The more development downtown, the more traffic and tourism. Transforming downtown San Diego into a downtown New York, Chicago style can only help real estate values. Seen residential and commercial values ​​in these cities.
  4. Imagine the economic and monetary benefits of local businesses and hotels for events such as the Super Bowl and the World Cup in San Diego. Average daily hotel rates will increase as commercial property values ​​soon follow.
  5. More vacation rentals and 2n/a The houses will be bought. Increase occupancy rates and provide a solid source of income for current owners. Thus increasing the price of the whole unit.

Ultimately, the new Chargers Stadium is years away. Still, one cannot help but think that the positive economic benefits of building a stadium would bring to the city of San Diego and its people. Although the new stadium may cause more traffic congestion and air and noise pollution in the city center, the overall benefits outweigh the drawbacks. I’m sure Real Estate Property Values ​​will agree with me.

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