All Things Of This World Flow Into The City 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

San Diego City and the Chargers have been considering a 10-acre site east of Petco Park for about a year, saying the stadium could cost $800 million, including $500 million in public funds. While team officials said in December that a new stadium would almost certainly involve taxpayer money, that wouldn’t happen for nearly seven years.

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

Along with the new state-of-the-art football stadium in San Diego, there are many positive economic factors. A new stadium downtown can do for San Diego what Dallas Cowboys Stadium did for Jerry Jones. Has the potential to host a 6th BCS bowl game. The potential for the World Cup to return to the United States and the West Coast, and possibly even the Pro Bowl. All of these things are speculative at this point, but they are all major economic factors that are likely 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. Real estate value of parking lots will increase: Anyone with extra parking will be able to charge a premium for spaces during the season.
  2. New development condominiums could be integrated into The Legends and Petco Park stadiums. Therefore, condo owners can have “season tickets”. Definitely desirable real estate and first of its kind.
  3. The more development in the city center, the greater the flow of traffic and tourism. Transforming downtown San Diego into a New York, Chicago-style downtown can only help real estate values. This reflects the residential and commercial values ​​in these cities.
  4. Imagine the economic and financial benefits to local businesses and hotels for events like the Super Bowl and World Cup in San Diego. Average daily rates for hotels will increase as commercial property values ​​will soon follow.
  5. More vacation rentals and 2N.D Houses will be purchased. Increasing occupancy rates and providing a solid revenue stream for current owners. This increases the total unit cost.

After all, a new Chargers stadium is years away. Still, one can’t help but think that building a stadium would bring positive economic benefits to the city of San Diego and its residents. While the new stadium may cause traffic congestion and air and noise pollution in the city, the overall positives outweigh the negatives. I’m sure real estate property values ​​would agree with me.

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