He cautioned the audience, however, that San Diego needs to deliver a soccer stadium by March of 2020 in order to secure a soccer team. “Twelve cities are vying for the final four expansion slots,” he said. He added that if San Diego can deliver a soccer-expansion stadium solution, he is confident that the city will get one of the expansion teams.

Anderson, who was asked by the San Diego Regional Economic Development Council to prepare a financial study about the proposal, said his report estimates a $4-billion construction cost. He added that the plan creates significant jobs, with the primary driver being technology and science facilities.

“The intangibles of this plan would be that more workers and residents would live closer to transit,” Anderson said. “Also, this area of the city is underserved with sports facilities.”

Sherman explained that “this initiative process is a little different. With this process, the proposal will come to council if it gets enough signatures. Then, council either votes or passes it along to ballot.”

He added that the proposal aligns with the Mission Valley Community Plan priorities and that FS Investors has been talking to community groups, SDSU, many San Diego businesses and other groups to solicit input.

Stone expressed concern about the proposal going to public ballot, saying, “If it goes to ballot, then the process is dead.” When asked about preserving the current stadium, Stone said the cost to maintain it would be prohibitive.

Sherman further clarified the costs involved in redeveloping the site. “No money required from the City makes this proposal different,” he said. “No other plan has offered this. There's still a lot of vetting to go, and people have a big decision.”

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SAN DIEGO—FS Investors' plan to redevelop the Qualcomm Stadium site in Mission Valley into a soccer stadium includes a major river park, office buildings, affordable and market-rate transit-oriented housing, student housing and a sports and entertainment district, the firm's Nick Stone told attendees at ULI San Diego-Tijuana District Council's March breakfast event. Panelists detailed why the plan does not require taxpayer money but has a limited window of opportunity.

In addition to Stone, presenters included San Diego City Councilmember Scott Sherman and Bill Anderson of AECOM, along with moderator Marjorie Burchett of Withers Bergman LLP.

Stone told the audience that the proposed entertainment district for the redevelopment would include a soccer stadium, retail, hotel and a location for future a NFL football stadium if San Diego were to obtain another franchise in the next few years. The plan also includes significant traffic-mitigation work.

Stone said his group's proposal includes paying fair market value for the property as it is today plus a $20-million donation to build the riverfront park, which increases to $40 million if the City does not delay the project.

He cautioned the audience, however, that San Diego needs to deliver a soccer stadium by March of 2020 in order to secure a soccer team. “Twelve cities are vying for the final four expansion slots,” he said. He added that if San Diego can deliver a soccer-expansion stadium solution, he is confident that the city will get one of the expansion teams.

Anderson, who was asked by the San Diego Regional Economic Development Council to prepare a financial study about the proposal, said his report estimates a $4-billion construction cost. He added that the plan creates significant jobs, with the primary driver being technology and science facilities.

“The intangibles of this plan would be that more workers and residents would live closer to transit,” Anderson said. “Also, this area of the city is underserved with sports facilities.”

Sherman explained that “this initiative process is a little different. With this process, the proposal will come to council if it gets enough signatures. Then, council either votes or passes it along to ballot.”

He added that the proposal aligns with the Mission Valley Community Plan priorities and that FS Investors has been talking to community groups, SDSU, many San Diego businesses and other groups to solicit input.

Stone expressed concern about the proposal going to public ballot, saying, “If it goes to ballot, then the process is dead.” When asked about preserving the current stadium, Stone said the cost to maintain it would be prohibitive.

Sherman further clarified the costs involved in redeveloping the site. “No money required from the City makes this proposal different,” he said. “No other plan has offered this. There's still a lot of vetting to go, and people have a big decision.”