Holt joins city officials in touting the promise of “Project Marvel.” Here’s what he said about funding it.
SAN ANTONIO — It’s poised to be one of the biggest projects in San Antonio history.
The city’s dream of a multibillion-dollar downtown sports and entertainment district – referred to as “Project Marvel” – would not only deliver a new Spurs arena. It’s also being imagined as the centerpiece for culture and tourism in San Antonio.
On Thursday, one of the key figures with a front-row seat to ongoing conversations about how to approach the development spoke about it with KENS 5 for the first time. Peter J. Holt is the chairman of Spurs Sports & Entertainment—which means his words about the plans, progress and price of a new arena carry as much weight as just about anyone’s.
“Having a world-class arena has enabled us to be tremendously successful for the past 25 years,” Holt said, referring to the run of recent Spurs success that includes five NBA championships since 1999.
Now he and the organization are looking ahead to the next chapter—one that includes a downtown arena built not just for the Spurs, but for the city as a whole.
“I think it’ll catalyze and transform our urban core, which will make the rest of San Antonio benefit as well because it’ll be accessible, it’ll grow the economy, it’ll improve San Antonio as a destination,” Holt said. “And I think it’ll increase the pride and exposure that San Antonio has.”
A new arena is most likely to be constructed in the former site of the Texas Pavilion, which is being torn down after housing the Institute of Texan Cultures (ITC)for decades. It’s a roughly 13-acre parcel of land that the City of San Antonio possesses the first option to lease or sell, amid UTSA’s plans to move the ITC collection elsewhere.
A big question remains: What will the ultimate price tag be?
Current estimates put the arena at upwards of a billion dollars. The city has said it expects the cost to be anywhere from $1.2 billion to $1.5 billion, which would be in line with how much the NBA’s newest arenas were built for.
Per the memorandum of understanding signed by the county, city and Spurs earlier this spring, the three parties are expected to “publicly lay out their respective contributions for a funding framework” no later than the start of July.
Holt says the Spurs would contribute their fair share. Additional funding would come from a Bexar County venue tax, which could be put before voters in November.
Asked about the possibility that voters say no, Holt encouraged those who would head to the polls to consider it on the level of the community as a whole.
“This urban core sports entertainment district is the absolute future of the success of San Antonio and the success of the Spurs,” he said.
Just like the players on the court work together as a team, Holt says that’s also true for this proposed project.
“(The) Spurs need assistance and a partnership and collaboration,” he added, “to build this new home that will make us thrive for decades to come.”