Where Does San Diego State Play Home Football Games 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 a 10-acre site east of Petco Park for about a year, saying a stadium could cost $800 million, including $500 million in state funds. Team officials said in December that a new stadium would almost certainly involve taxpayer money, after nearly seven years of saying it wouldn’t.

The new stadium will 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 should be done,” said Adam Zavarian, a local San Diegan. The stadium, which is not explicitly mentioned in the legislation, has not been designed and will take several years before construction can begin. A financial plan for the 62,000-seat stadium has yet to be submitted, but it is unlikely to be completed before 2015.

With a new state-of-the-art soccer stadium in San Diego, there are several positive economic factors. As the Dallas Cowboys’ stadium did for Jerry Jones, a new downtown stadium could be for San Diego. A BCS 6th bowl game is a possibility. The potential to bring the World Cup back to the United States and the West Coast, and possibly even the Pro Bowl. All of these things are speculation at this point, but they are all major economic drivers that have potential in the next 10-15 years. Not to mention, each Superbowl generates about $300 million in local spending from the event.

What the stadium means for downtown real estate prices:

  1. Parking Real Estate Values ​​Will Increase: Anyone with extra parking can charge a premium for spaces during the season.
  2. New development condominiums could be attached to The Legends Stadium and Petco Park. Therefore, condo owners can have “season tickets.” Undoubtedly a desirable real estate and the first of its kind.
  3. The more development downtown, the more traffic and tourism. Transforming downtown San Diego into a New York, Chicago-style downtown can only help real estate values. As can be seen from the residential and commercial values ​​in these cities.
  4. Imagine the economic and monetary benefits to local businesses and hotels for events like the Super Bowl and the World Cup in San Diego. Average daily hotel rates will increase as commercial property values ​​soon follow.
  5. More vacation rentals and 2n.d Houses are bought. Increase occupancy and provide stable income for current owners. Thus increasing the total unit cost.

After all, a new Chargers Stadium is years away. However, one cannot underestimate the positive economic benefits the construction of the stadium will bring to the city of San Diego and its residents. Although the new stadium may bring more traffic and air and noise pollution to the city center, the overall positives outweigh the negatives. I believe real estate values ​​align with mine.

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