Real Estate Industry News

In January, San Diego State University will begin negotiations with the mayor’s office to buy 132 acres of land in Mission Valley with plans to build a new stadium, river park and western campus. The land sale is the only part of the university’s redevelopment process where the city can dictate the terms, and, as such, will be heavily scrutinized. SDSU is only required to pay a sum deemed “fair and equitable and in the public interest,” per the terms of the ballot measure approved by voters in November. What that amounts to is anyone’s guess since the city can discount the property based on factors such as stadium demolition costs or site contamination. The site, currently home to SDCCU stadium, is thought to be one of the city’s most valuable assets, meaning taxpayers, council members and armchair quarterbacks will likely butt heads over whether the city should maximize its return or give the public institution a deal.