SoccerCity Would Generate $8.2M In Tax Revenue

The proposed SoccerCity mixed-use development at the 168-acre Qualcomm Stadium site could generate $8.2M in tax revenue annually for city and county coffers at build-out, according to a report by the project’s sponsors, La Jolla-based FS Investors, the San Diego Union-Tribune reports. Total tax revenue would grow over 45 years to a combined $43.5M due to inflation and ownership turnover, the report estimated. A previous analysis of the project’s economic impact indicated the project would generate 25,750 permanent jobs and $2.8B in goods and services.

Speaking at a press conference, FS Investors’ Nick Stone said the tax revenues exceeded earlier estimates and the project is a win for taxpayers. He said the Qualcomm property is a liability for taxpayers, costing the city about $12M annually to maintain and operate. If the project wins voter approval in a planned special election Nov. 7, the 50-year-old stadium would be demolished. The city still owes several more years in bond payments on the old stadium.

The San Diego County Taxpayers Association and the city’s independent budget analyst, Andrea Trevlin, also are expected to provide an analysis of the project.

Completion of the project would take seven years, according to FS Investors, and would include 4,800 residential units, of which 800 units are student housing; 3.1M SF of office and retail space; 350 hotel rooms; 55 acres of parkland; and a 22,000-seat professional soccer stadium that could be built with 10,000 more seats to accommodate San Diego State University football games.

FS Investors expects to have the soccer stadium open by March 2020, along with completion of the first phase of housing and commercial development.