The SoccerCity development, centered around replacing Qualcomm Stadium, includes the construction of a 33,500-seat stadium and could go to city voters for approval in November. The 166-acre SoccerCity plan includes housing, commercial development and parking, as well as park land.
San Diego State acknowledged that it had been in talks with the MLS group over a possible partnership on the stadium for the Aztecs, who play at Qualcomm Stadium, the former home of the departed Chargers,
The Union-Tribune reported that the terms of agreement with Faulconer call for the fair market value of the land -- used to determined the annual payments -- to be determined by a third-party appraisal.
“My goal with this is to protect the City’s interests and make sure the public gets a fair deal,” Faulconer said in a statement to the Union-Tribune. “This gives San Diegans additional clarity and answers key questions about what the finances of this project would look like. These concessions ensure the City will receive fair market value through the duration of the lease, provide options for SDSU to grow in Mission Valley, require additional community input and guarantee the proponents build and pay for a world-class river park for the public to enjoy.”
The agreement outlines the proposal for San Diego State -- both in terms of sharing the stadium with the MLS team and its purchase of land for university use -- if it decides to eventually take part in the project.
Without Qualcomm Stadium, SDSU has no long-term home for its football team. The only other alternative is baseball stadium Petko Park, but it is not clear that it is a long-term solution for Aztec football.
The battle over Mission Valley has attracted other developers. The San Diego Union-Tribune reported two weeks ago that FS Investors has spent about $1.5 million promoting its bid, while rival developers H.G. Fenton Company & Sudberry Properties have spent almost $600,000 to defeat the soccer development.