San Antonio approves $30 million Project Marvel land buy

A rendering provided by the city shows what Project Marvel could look like. Credit: Courtesy Image / City of San Antonio

San Antonio City Council on Thursday unanimously approved a $30 million bid to purchase an old federal building and two parking lots at Hemisfair as part of the broader, yet scaled-back, Project Marvel sports and entertainment district.

Although the land will be owned by the city, the Spurs Sports & Entertainment is expected to repay the city and cover the $120,000 in closing costs. The city will then lease the land back to SS&E for a mixed commercial use as part of the development, which could feature shopping, dining and other amenities.

Despite the approval of the bid, the city still has yet to purchase the land where the Spurs’ new arena is slated to be built — a 13-acre parcel owned by the University of Texas at San Antonio, previously home to the since-demolished Institute of Texan Cultures.

It’s still unclear when that purchase, projected to cost the city $60 million, might happen.

The acquisition of the federal land, however, comes as certain aspects of Project Marvel — including a new convention center hotel, a land bridge and Alamodome renovations — appear to be on hold for the foreseeable future, according to the San Antonio Report.

Stay tuned for updates on what components are being delayed. And for how long.

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San Antonio approves $30 million Project Marvel land buy

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