What Time Does The Pro Bowl Football Game Start San Diego Chargers New Stadium in Downtown: How It Will Affect the Real Estate Market

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San Diego Chargers New Stadium in Downtown: How It Will Affect the Real Estate Market

The city of San Diego and the Chargers have been considering the 10-acre site east of Petco Park for about a year, saying the stadium could cost $800 million, including $500 million in public funds. Team officials said in December that a new stadium would almost certainly involve taxpayer money, after nearly seven years of saying it would not.

A new stadium would bring people back to work downtown and create jobs. “People need jobs right now and when you have an opportunity to do the right thing for the city of San Diego, it needs to be done,” said Adam Zavarian, a local San Diegan. The stadium, which is not explicitly mentioned in the law, has not been designed and it could be several years before construction begins. No financial plan has yet been proposed for the 62,000-seat stadium, but completion before 2015 is unlikely.

With San Diego’s new state-of-the-art soccer stadium, there are several positive economic factors. Just as the Dallas Cowboys Stadium did for Jerry Jones, a new downtown stadium can for San Diego. There is potential to host a 6th BCS bowl game. World Championship potential coming back to the United States and the West Coast, and maybe even a Pro Bowl. All of these things are speculation at this point, but they are all major economic drivers with potential over the next 10-15 years. Not to mention each Super Bowl generates somewhere around $300 million in local spending from the event.

What the stadium means for downtown real estate prices:

  1. Parking Real Estate Value Will Increase: Anyone with additional parking will be able to charge a premium for spaces during the season.
  2. New condominium developments can be integrated into the stadium a la The Legends and Petco Park. Therefore, apartment owners can have “season tickets”. Definitely a desirable property and the first of its kind.
  3. The more developed it is in the city center, the greater the flow of traffic and tourism. Turning downtown San Diego into a Chicago-style downtown New York can only help real estate values. As can be seen from the housing and business values ​​in these cities.
  4. Imagine the economic and monetary benefits to local businesses and hotels for events like the Super Bowl and World Series in San Diego. Average daily hotel rates will increase as commercial real estate values ​​soon follow.
  5. More holiday accommodation and 2n.d Houses will be bought. Increasing occupancy rates and providing a solid income stream for current owners. This increases the price of the entire unit.

Lastly, a new Chargers stadium is years away. Still, one can’t help but think that the positive economic benefit that the construction of the stadium would bring to the city of San Diego and its residents. Although the new stadium could lead to more traffic congestion and air and noise pollution in the city center, the overall positives outweigh the negatives. I’m sure real estate values ​​will agree with me.

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