San Diego State University (SDSU) has secured the financing and board approvals needed for its new 35,000-capacity Aztec Stadium, with construction lined up to begin once it acquires the land for the facility from the City of San Diego.

The California State University Board of Trustees has approved the design and financing plan for the multi-use stadium, which will be part of a wider $3bn (£2.56bn/€2.77bn) development project in Mission Valley.

The board’s approval enables SDSU to continue preparation for the $310m stadium, which will be among the first projects to be constructed as part of the SDSU Mission Valley campus. “We are pleased that the trustees continue to share our vision for this project, as the construction of the stadium is a key first step allowing us to unlock the rest of the Mission Valley site plan,” said SDSU president Adela de la Torre in a statement.

“Current events remind us that we need to approach every decision with intention. The board’s approval today means that we can move forward in our planning and deliberation, and advance Mission Valley as it makes the strongest sense for our students and for San Diego.

“The SDSU Mission Valley project enables the university and its partners to help people expand their livelihoods, create new career pathways, and expand our region’s capabilities. As a national hub for biotech, life sciences, and other areas, now more than ever it is imperative that we provide educational opportunities for local students to enter those fields. We continue to look forward to making this project a reality.”

The multi-use stadium will be funded through philanthropic gifts as well as system-wide revenue bonds that will be paid back with revenue generated by the facility including ticket revenue, naming rights and concessions.

“I am grateful to our Aztec community, which has already helped us raise more than $30m toward the multi-use stadium project,” said SDSU director of intercollegiate athletics, John David Wicker. “We recognise the unprecedented situation we find ourselves in right now, but continue to recognise that Mission Valley and the new multi-use stadium is a project that will benefit the entire region for generations to come.”

The multi-use stadium, which has been designed and will be built by Clark Construction Group, will be located in the northwest corner of the site, which allows SDSU to continue to use the existing SDCCU Stadium while construction of the new venue is completed.

SDSU said it continues to work with the City toward a completed purchase and sales agreement. The San Diego Union-Tribune newspaper said de la Torre added at yesterday’s meeting: “While the negotiations with the city on the purchase and sale agreement are progressing, they are not yet complete.

“Still, we seek the board’s support for the multi-use stadium to keep the project on schedule for use of the stadium in 2022. It was a tight schedule to begin with, and if we do not make it, it will not be for lack of coordinated CSU efforts.”

Image: SDSU