Investors Propose Replacing Qualcomm Stadium With Soccer Stadium
Now that the Chargers are leaving San Diego for Los Angeles, a group of investors has already moved on Qualcomm Stadium in Mission Valley, proposing tearing it down to build a new Major League Soccer stadium.
FS Investors proposed a $200M soccer stadium with 20,000 to 30,000 seats as part of a larger $1B development. The stadium would become home to an MLS franchise, other soccer clubs and the San Diego State University football team, the San Diego Union-Tribune reports.
The plan includes buying Qualcomm from the city at fair market value, tearing it down and replacing it with the soccer stadium, setting aside 15 acres for a future NFL stadium in case another team wants to move to the city, and building a 55-acre park. FS Investors also would pay for traffic and on-site infrastructure improvements.
The proposal also calls for other developers to be involved in building a transit-oriented development around the trolley line, including housing (SDSU student housing and units for those with low and moderate income), offices for SDSU and other tenants, hotels and other commercial development.
A similar proposal was floated last year.
The plan would require MLS league approval for a new franchise — and voter approval. FS Investors hopes to secure a deal with San Diego City Council rather than waiting on a vote in 2018. [SDUT]
