SAN ANTONIO \u2013 Federal property eyed as key for Project Marvel has sold to the city.<\/p>\n
The General Services Administration (GSA) and the city of San Antonio announced Monday the closing of a $30 million deal for three parcels to support the proposed sports and entertainment district known as Project Marvel. The city now owns the federal office building near Hemisfair at 727 E. C\u00e9sar E. Ch\u00e1vez Blvd. and two parking lots at 610 and 611 Indianola St.<\/p>\n
Government occupants in the federal building will lease back the property for up to five years. City Manager Erik Walsh said the sale is a step in the right direction for downtown.<\/p>\n
\u201cThis $30 million purchase, funded by the Spurs, gives the City a chance to help guide future growth and redevelopment in the heart of our city as we work toward a downtown Sports and Entertainment District and a new Spurs arena,\u201d he said in a statement. \u201dWe appreciate the U.S. General Services Administration\u2019s partnership in getting this done.\u201d<\/p>\n
The sale was funded by the San Antonio Spurs, per the Project Marvel term sheet signed last year.<\/p>\n
GSA Administrator Edward Forst said the deal represents the Trump administration\u2019s push to create efficiencies in the government\u2019s real estate portfolio.<\/p>\n
\u201cThrough an accelerated disposition process, we completed this transaction five years ahead of schedule, facilitating the federal government to divest an asset that no longer supports its operational needs,\u201d he said.<\/p>\n
As the Business Journal previously reported, the city council unanimously approved the acquisition of the 5.7 acres in a January meeting. City officials previously said federal ownership of the parcels has been a \u201csignificant buffer\u201d to Hemisfair access. The GSA listed them as surplus properties in 2025.<\/p>\n