Soccer City details coming Monday – The San Diego Union-Tribune
Details will be released Monday on Soccer City, the $1 billion-plus, soccer-based redevelopment proposal for Qualcomm Stadium property in Mission Valley.
Officials of the La Jolla-based FS Investors group said they will brief the news media at 11 a.m. at the La Jolla Map Museum, owned by FS Investors principal Mike Stone.
The group announced plans last month to seek a Major League Soccer franchise by promising to build a $200 million, 32,000-seat stadium suitable for both professional soccer and college level football.
The details expected Monday will lay out the precise location and amount of development on the 166-acre Qualcomm site where the Chargers played starting in 1967.
FS Investors plans to ask for no taxpayer subsidy for its efforts and says it will abide by an independent appraisal, arranged by the city, of the 79.9 acres being sought.
The plan is to include housing, offices, hotels and parks and well as a way to reserve space for a new NFL stadium if an existing team can be lured to San Diego.
FS Investors has no plans to retain Qualcomm Stadium even though the local architectural community believes it could be remodeled for continued sports use and adapted to include office and residential space.
Just as the Chargers did last year, FS Investors plans to secure approval of the redevelopment project via ballot initiative.
But unlike the Chargers, FS Investors plans to ask Mayor Kevin Faulconer and the City Council to approve the plan rather than refer it to voters at a future election, an option allowed by state law and under court decisions.
The reason for this shortcut approach is to meet the deadline set by the MLS, which plans to announce its choice of two new franchises this year and two more at a later time.The 12 bidders are required to have a stadium available or approved by decision day. The franchisees have to promise to be ready for play in March 2020.
The bidders on the first two expansion teams also will be charged a $150 million fee and have to cover the costs of recruiting and building new teams, as well as secure a hometown stadium and related offices and practice fields. The total startup costs in San Diego could easily approach $400 million.
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