SAN ANTONIO, TX (July 24, 2025) — The San Antonio Spurs are stepping into the future with a bold proposal: a $1 billion investment into a new downtown arena and surrounding entertainment district, as part of the long-anticipated Project Marvel.

Outlined in a letter sent Thursday night to Mayor Gina Ortiz Jones and City Manager Erik Walsh, Spurs Sports & Entertainment (SS&E) Chairman Peter J. Holt confirmed the organization’s commitment to both revitalizing San Antonio’s urban core and ensuring significant community benefits—without raising taxes on local residents.

The Financial Breakdown:

• $500 million for a new state-of-the-art arena

• $500 million in adjacent private development

• $60 million in community incentives, including affordable game tickets, educational initiatives, and small business support

“Since the City of San Antonio first approached our organization… the Spurs have remained committed to pursuing an equitable agreement that benefits our community, strengthens our economy, and honors our legacy,” Holt wrote.

A Vision for a Revitalized Downtown

The proposed arena is expected to be built on the current site of the Institute of Texan Cultures, connecting to the Alamodome via a newly constructed land bridge over Highway 281. Additional plans include:

• An expansion of the Henry B. González Convention Center

• A major overhaul of the Alamodome

• Transforming the old federal courthouse into a 5,000-seat multipurpose center

If fully realized, Project Marvel could become a $4 billion investment in San Antonio’s future, reshaping the downtown skyline and boosting economic activity for decades.

Community Commitments

The Spurs are also proposing an incentive package to support local families and businesses:

• 30% of construction contracts will go to locally owned San Antonio companies

• Free VIA Park & Ride service for up to 2,000 fans per home game

• 500 tickets available for $25 or less at every Spurs home game

• Funding for a new early childhood education and childcare initiative

What’s Next

• Public meetings were held across council districts in June

• City engagement wrapped up in July

• An August deadline looms for City Council to call a November bond election

• If approved, tax collections begin in 2026, with design and planning soon to follow

• Major construction on the Convention Center could start in 2028

• Alamodome renovations and other components will continue into the early 2030s

For now, the Spurs will remain at the Frost Bank Center, where their current lease with Bexar County runs through 2032.

The City of San Antonio is scheduled to hold a special session Friday afternoon, where Project Marvel is expected to take center stage.