San Antonio Voters Approve $1.3 Billion Downtown Arena for the Spurs — Here’s What It Means for Local Real Estate

In a watershed moment for San Antonio’s future, Bexar County voters delivered a resounding endorsement of the city’s urban renewal vision by approving Proposition B on November 5, 2025—a measure authorizing up to $1.3 billion in public financing for a transformative downtown development known as Project Marvel. At the heart of this ambitious initiative stands a state-of-the-art 18,000-seat arena that will become the new home for the San Antonio Spurs, one of professional basketball’s most storied franchises and an integral piece of the city’s identity for nearly five decades.

The vote represents far more than simply building a new sports venue. Project Marvel encompasses a comprehensive mixed-use entertainment district featuring the arena as its centerpiece, surrounded by residential towers offering modern urban living options, retail and dining establishments creating vibrant street-level activity, hotels accommodating visitors attending events and exploring San Antonio, public plazas and green spaces providing gathering areas for community interaction, and infrastructure improvements connecting the development to surrounding neighborhoods and downtown attractions.

Located strategically near the former CPS Energy headquarters site adjacent to Hemisfair Park and the revitalized San Pedro Creek Culture Park, the development occupies approximately 30 acres in what has historically been an underutilized portion of downtown San Antonio. This positioning allows Project Marvel to serve as a catalyst linking existing downtown attractions—the River Walk, Alamo, Convention Center, and historic neighborhoods like King William and Lavaca—with emerging districts and creating a more cohesive, walkable urban core.

The $1.3 billion financing package approved by voters relies on a diversified revenue structure designed to minimize direct impact on property taxpayers while capturing value from visitors and specific economic activities. The funding mechanisms include hotel occupancy tax revenues generated by downtown and area hotels, rental car taxes paid primarily by visitors and business travelers, tax increment financing (TIF) capturing property tax growth within defined districts, public bonds backed by dedicated revenue streams, and private investment contributions from developers and the Spurs organization.

This financial architecture reflects careful planning aimed at distributing costs across beneficiaries while protecting residential taxpayers from bearing disproportionate burdens—a critical factor in securing voter approval in a community with legitimate concerns about public spending, existing infrastructure needs, and competing priorities for scarce resources.

For real estate professionals, investors, homeowners, and prospective buyers throughout San Antonio, Schertz, Helotes, Cibolo, Converse, and Boerne, understanding Project Marvel’s implications extends beyond downtown boundaries. Major urban development initiatives create ripple effects that influence property values, investment patterns, demographic shifts, and market dynamics across entire metropolitan areas. Whether you’re buying a home in San Antonio’s downtown core or selling a home in San Antonio’s suburban neighborhoods, the scale and ambition of this project—one of the largest single developments in San Antonio’s modern history—virtually guarantees meaningful impacts on residential and commercial real estate markets for years to come.

With 18 years of experience and approximately 1,000 closed transactions throughout the San Antonio market, Tami Price, Broker Associate and REALTOR® with Real Broker, LLC, is recognized as one of the top real estate agents in San Antonio. She brings perspective on how major development projects influence real estate markets, what historical precedents suggest about likely outcomes, and how buyers, sellers, and investors can position themselves to benefit from the transformations Project Marvel will catalyze.

The November 2025 approval triggers a multi-year timeline featuring design refinement and community input through mid-2026, permitting and final engineering during 2026, groundbreaking expected in late 2026 or early 2027, construction spanning approximately 30-36 months, and anticipated completion and opening around 2029-2030. This extended timeline means impacts will unfold gradually rather than appearing overnight, creating windows of opportunity for strategic real estate decisions at various phases as the project progresses from concept to reality.

Why This Matters for San Antonio

Project Marvel represents the most significant downtown San Antonio development investment in a generation, with implications that extend far beyond basketball games and entertainment events to fundamentally reshape urban real estate dynamics, investment patterns, and the city’s competitive positioning among major Texas metros.

The Evolution of Downtown San Antonio: From Historic Core to 24-Hour Urban District

For decades, downtown San Antonio has existed somewhat paradoxically—simultaneously the city’s most iconic district featuring world-renowned attractions like the River Walk and Alamo, yet also an area that largely empties after business hours and struggles to attract sustained residential populations comparable to urban cores in cities like Austin, Dallas, or Houston.

This pattern stems from historical development decisions emphasizing tourism and conventions over residential uses, limited housing stock and pedestrian-hostile infrastructure in many areas, perception challenges around safety, cleanliness, and vibrancy after dark, and economic realities that made suburban development more profitable than urban infill for much of San Antonio’s modern growth period.

However, the past decade has witnessed meaningful shifts in downtown’s trajectory. Projects including the Frost Tower—a 23-story office tower that became downtown’s tallest building since 1989, bringing modern Class A office space and ground-floor retail; Hemisfair redevelopment transforming 5+ acres of underutilized parkland into activated green space with civic amenities; River Walk extensions and improvements expanding the iconic waterway’s reach and connectivity; San Pedro Creek Culture Park creating a 2.2-mile linear park celebrating San Antonio’s founding waterway; and numerous residential conversions and new construction adding apartment and condo inventory have collectively begun transforming downtown’s character from primarily daytime-commercial to increasingly mixed-use with growing residential populations.

Project Marvel accelerates and amplifies these trends by adding critical mass—an anchor attraction generating 150+ annual events drawing millions of visitors, residential towers contributing hundreds or thousands of new downtown residents, retail and dining creating street-level vibrancy supporting existing businesses, and public investment validating downtown’s trajectory and attracting additional private capital.

Economic Impact and Job Creation

The economic modeling conducted during the approval process projects substantial direct and indirect impacts across multiple sectors and timeframes.

Construction Phase Economic Activity: The 3-4 year construction period will generate approximately 5,000-7,000 direct construction jobs spanning trades including carpentry, electrical work, plumbing, HVAC installation, and specialized arena construction, thousands of indirect jobs in materials supply, engineering, architecture, project management, and support services, and estimated $800 million-$1.2 billion in total construction spending circulating through the local economy.

This construction activity provides immediate economic stimulus during the build period, supporting employment, business revenue, and tax generation before the facility even opens.

Operational Phase Economic Activity: Once operational, Project Marvel is projected to generate approximately 1,500-2,500 permanent direct jobs including arena operations, event management, hospitality, retail, dining, building maintenance, and property management, thousands of indirect jobs supporting arena operations, tourism, and entertainment sectors, and estimated $200-$300 million annual economic impact from events, tourism, spending, and ongoing operations.

Tourism and Hospitality Impacts: Beyond Spurs games, the arena will host concerts, family shows, conventions, sporting events, and entertainment programming generating substantial overnight visitor volume. These visitors patronize hotels, restaurants, attractions, transportation services, and retail throughout downtown and the broader San Antonio area, creating spillover economic benefits well beyond the immediate Project Marvel footprint.

According to Visit San Antonio and tourism industry analysts, major arena projects in comparable cities typically generate 500,000-1,000,000+ additional annual visitors beyond what existing facilities attracted, with overnight guests spending an average $300-$500+ per trip on accommodations, dining, entertainment, transportation, and shopping.

The Competitive Context: San Antonio’s Position Among Texas Metros

Project Marvel must be understood within the broader competitive landscape of major Texas metropolitan areas vying for residents, businesses, tourists, and investment capital.

Austin’s Urban Transformation: Austin has invested billions in downtown redevelopment over the past 15 years, creating a vibrant urban core with substantial residential population, thriving entertainment districts, quality urban amenities, and strong appeal to young professionals and technology workers. This transformation has supported explosive population growth, business relocations, and real estate appreciation that has made Austin one of the nation’s most expensive markets.

Dallas and Fort Worth Urban Districts: Dallas’s downtown and surrounding urban neighborhoods have experienced remarkable revitalization, attracting corporate headquarters, luxury residential developments, and substantial investment. Fort Worth’s downtown has similarly evolved with cultural districts, residential growth, and improved urban amenities.

Houston’s Urban Growth: Despite its sprawling character, Houston has invested heavily in downtown and near-downtown neighborhoods, creating vibrant urban districts with substantial residential populations, diverse dining and entertainment, and improved walkability.

San Antonio has historically lagged these peer cities in downtown residential populations, urban amenity development, and 24-hour district vibrancy—gaps that have influenced young professional migration patterns, corporate location decisions, and perception of San Antonio as primarily a tourism destination rather than a dynamic urban center.

Project Marvel helps close these gaps by creating the type of modern, mixed-use urban district that attracts demographics increasingly prioritizing urban living, walkable neighborhoods, entertainment access, and vibrant community environments over traditional suburban models.

Real Estate Market Psychology and Investor Confidence

Beyond direct physical impacts, Project Marvel influences real estate markets through psychological and confidence mechanisms that shape investor behavior, developer decisions, and buyer perceptions.

Validation of Downtown Trajectory: Voter approval of a $1.3 billion public investment sends powerful signals to private sector developers, investors, and businesses about community commitment to downtown’s future. This validation reduces perceived risk and encourages private capital deployment that might otherwise flow to suburban projects or other cities with clearer growth narratives.

Development Pipeline Activation: Major public investments typically trigger private development responses as investors seek to capture value created by improved infrastructure, amenities, and foot traffic. Developers who might have been skeptical about downtown residential or commercial projects may reconsider as Project Marvel de-risks investments through demonstrated public commitment and anticipated demand.

Media Attention and National Perception: High-profile developments generate media coverage that influences how the city is perceived nationally and internationally. San Antonio building a state-of-the-art arena and entertainment district positions the city as forward-thinking, growth-oriented, and investing in its future—perceptions that influence corporate relocation decisions, tourism marketing effectiveness, and residential migration patterns.

Precedent for Future Investment: Successful execution of Project Marvel could establish precedents and confidence for additional major urban development initiatives that might otherwise struggle to gain political support or public approval. Cities that successfully deliver transformational projects often find subsequent initiatives easier to advance as residents and officials gain confidence in the city’s execution capability.

Impact on San Antonio’s Tax Base and Municipal Finance

While voter concerns about public spending and fiscal responsibility were prominent during the approval campaign, Project Marvel’s financial structure and anticipated impacts actually support long-term municipal fiscal health through several mechanisms.

Property Tax Base Expansion: New residential and commercial development catalyzed by Project Marvel will add to San Antonio’s property tax base, generating incremental revenue supporting municipal services without requiring rate increases. Downtown’s current property tax contribution is relatively modest given the area’s underutilization—adding substantial residential and commercial development could meaningfully increase downtown’s tax generation.

Sales Tax Revenue Growth: Retail, dining, and entertainment activity generated by arena events and district development will produce sales tax revenues supporting city and county budgets. With Texas’s reliance on sales taxes rather than income taxes, economic activity supporting consumer spending directly benefits municipal finances.

Hotel Tax Revenue Validation: The financing structure relies partly on hotel occupancy taxes—making investments that increase hotel utilization and potentially justify new hotel development creates self-reinforcing revenue cycles where tourism infrastructure improves, attracting more visitors, generating more hotel tax revenue, supporting debt service and future improvements.

Reduced Blight and Increased Property Values: Downtown areas with vacant or underutilized properties generate minimal tax revenue while potentially creating public safety and maintenance costs. Redevelopment that activates properties, increases values, and generates economic activity transforms fiscal drains into contributors.

Community Overview: Downtown San Antonio Real Estate Landscape

Understanding Project Marvel’s impact requires context about downtown San Antonio’s current real estate composition, recent trends, and the specific neighborhoods positioned to benefit most directly from the development.

Current Downtown Residential Market

Downtown San Antonio’s residential real estate market has evolved substantially over the past decade, though it remains significantly smaller than downtown residential populations in comparable Texas cities.

Inventory and Housing Stock: Current downtown residential inventory includes approximately 8,000-10,000 units across various property types including converted historic buildings transformed into apartments and condos, purpose-built apartment towers and mid-rise developments, townhomes and live-work spaces in transitional neighborhoods, and a limited number of single-family homes in adjacent historic districts.

This inventory has grown substantially from perhaps 4,000-5,000 units a decade ago but remains modest compared to downtown Dallas (30,000+ units), downtown Austin (25,000+ units), or downtown Houston (40,000+ units).

Rental Market Dynamics: Downtown apartment rents vary significantly based on building age, amenities, and specific location, with ranges approximately as follows: Studio apartments $1,100-$1,800 monthly, one-bedroom units $1,300-$2,400 monthly, two-bedroom units $1,800-$3,500+ monthly, and luxury units in premium buildings commanding $2,500-$5,000+ monthly.

Occupancy rates in quality downtown buildings typically run 90-95%+, indicating strong demand that absorbs new supply relatively quickly. However, some older buildings with limited amenities or less desirable locations experience higher vacancy and turnover.

For-Sale Market: Downtown’s for-sale market remains relatively thin, with limited condo inventory and high price points relative to suburban alternatives. Available condos and townhomes typically range from $250,000-$400,000 for modest units to $500,000-$1,000,000+ for luxury properties in premium buildings or historic conversions.

Sales velocity varies significantly—well-priced units in desirable buildings can sell quickly with multiple offers, while overpriced or problematic properties languish for months. The limited inventory means buyers often face constrained choices, while sellers in quality buildings typically achieve strong prices with competent marketing and realistic pricing.

Key Neighborhoods Positioned for Impact

While Project Marvel’s most direct physical impacts will occur at the development site itself, several established and emerging downtown neighborhoods are positioned to experience substantial secondary effects.

King William Historic District: Located approximately one mile south of Project Marvel, King William represents downtown’s most established historic residential neighborhood. The district features beautifully preserved Victorian and craftsman homes dating to the late 1800s and early 1900s, tree-lined streets creating distinctive neighborhood character, walkability to downtown attractions and the River Walk, strong neighborhood association and preservation efforts, and mix of owner-occupied homes, renovated properties, and investment properties.

Property values in King William have appreciated steadily over the past decade, with well-maintained historic homes ranging from $400,000-$800,000+ depending on size, condition, and specific location. Project Marvel’s proximity and the enhanced downtown vibrancy it will create could accelerate appreciation and attract additional buyers seeking historic character with urban convenience.

Lavaca Neighborhood: Positioned directly adjacent to downtown’s core and within easy walking distance of Project Marvel, Lavaca has emerged as one of downtown’s most dynamic residential neighborhoods. Recent years have seen substantial residential development including new apartment buildings and condo conversions, historic home renovations and adaptive reuse projects, art galleries, studios, and creative business establishments, and improved walkability and urban amenities.

Property values in Lavaca have increased substantially as the neighborhood transitions from primarily industrial and warehouse uses to mixed-use residential. Homes and properties that sold for $150,000-$250,000 a decade ago now command $300,000-$500,000+ following renovations, with new construction and premium renovations reaching $500,000-$800,000+.

According to preliminary analyses by local real estate economists and SABOR data, properties in Lavaca and similar close-in neighborhoods could see 12-18% appreciation over the next five years beyond normal market appreciation, driven by Project Marvel proximity, improved downtown amenities, and increased demand from buyers seeking urban living near the arena district.

Southtown Arts District: Extending south from downtown along South Alamo Street and surrounding areas, Southtown combines arts and culture focus with growing residential development. The area features galleries, studios, restaurants, and entertainment venues, monthly First Friday art walks attracting thousands, mix of historic buildings and new construction, and proximity to Blue Star Arts Complex and the River Walk’s southern section.

Real estate in Southtown spans from affordable starter homes and condos in the $200,000-$350,000 range to renovated properties and new construction reaching $500,000-$800,000+. The area’s artistic character and relative affordability compared to King William have attracted younger buyers, creative professionals, and investors seeing appreciation potential.

Near East Side: Once considered too far from downtown’s core for residential desirability, the Near East Side has experienced remarkable transformation over the past 5-7 years. Areas along Commerce Street, Houston Street, and surrounding neighborhoods have seen substantial renovation activity, new restaurant and bar openings, gallery and creative business establishments, and growing residential development.

Property values have increased dramatically from bottom-of-market pricing of $50,000-$100,000 for distressed properties to $200,000-$400,000+ for renovated homes and new construction. Early investors who purchased properties in the mid-2010s have realized substantial appreciation, though the area still offers relative value compared to more established neighborhoods.

San Pedro Creek Corridor: The San Pedro Creek Culture Park’s development has catalyzed interest in adjacent properties along the 2.2-mile linear park. Future development opportunities include mixed-use projects combining residential, retail, and cultural uses, adaptive reuse of historic buildings along the creek, and activated public spaces connecting downtown attractions.

Properties adjacent to the creek have seen increased interest from developers and investors anticipating that the park will drive value appreciation similar to what the San Antonio River Walk created in previous decades.

Commercial Real Estate Dynamics

Beyond residential impacts, Project Marvel will influence downtown commercial real estate across multiple sectors.

Office Market: Downtown San Antonio’s office market has faced challenges common to urban office districts nationwide as remote work and hybrid arrangements reduce space needs. However, proximity to a major entertainment district and improved urban amenities could enhance downtown’s appeal to companies seeking to attract employees back to offices through superior location and quality of place rather than just workspace functionality.

Retail and Hospitality: The arena and entertainment district will generate demand for restaurants, bars, retail, and hospitality establishments serving event attendees and downtown residents. Existing businesses positioned near Project Marvel could see increased foot traffic and revenue, while new development will add substantial retail and restaurant square footage.

Hotel Development: Major arena projects typically catalyze hotel development or renovations as developers seek to capture demand from event attendees, teams, entertainers, and tourists. Downtown San Antonio could see 500-1,000+ new hotel rooms developed in response to Project Marvel, adding to the existing inventory and supporting tourism growth.

Real Estate Impact: What Buyers, Sellers, and Investors Need to Know

Project Marvel’s approval creates distinct implications for various real estate stakeholder groups, with opportunities and considerations that vary based on individual circumstances, risk tolerance, and investment timelines.

Impact on Downtown Homeowners

Current homeowners preparing to sell a home in San Antonio’s downtown neighborhoods can leverage developments like Project Marvel’s opening in marketing strategies and buyer discussions.

Marketing Messaging: When selling a home in San Antonio’s downtown corridor, effective listing marketing tells stories about neighborhoods and lifestyle opportunities, not just home features and square footage. Sellers can incorporate messaging about Project Marvel’s transformative impact, expanding dining and entertainment options, commercial investment momentum, area growth trajectory, and convenience improvements that distinguish their properties from other homes for sale in San Antonio’s suburban submarkets.

Buyer Objection Handling: Some buyers hesitate about emerging neighborhoods based on historical perceptions or concerns about incomplete development. Working with one of the best real estate agents in San Antonio who understands downtown’s transformation, sellers can address these objections with concrete evidence about Project Marvel’s impact, neighborhood trajectory, and investment confidence that validates pricing expectations.

Timing Advantage: Selling a home in San Antonio during periods of visible positive momentum often provides advantages including stronger buyer interest, competitive offer situations, reduced negotiation pressure, and ability to maintain asking prices rather than accepting below-market offers. The downtown’s current dynamics create relatively favorable selling conditions compared to slower submarkets with less development activity.

Competitive Positioning: Understanding comparable inventory and pricing throughout the corridor helps sellers position properties competitively while capturing fair value. Working with experienced professionals like Tami Price—recognized as a top San Antonio real estate agent with deep knowledge of downtown market dynamics—helps sellers maximize outcomes through strategic pricing, effective marketing, and skilled negotiation.

Opportunities for Prospective Buyers

For individuals and families considering buying a home in San Antonio—whether in downtown’s emerging urban neighborhoods or throughout the broader metro area—developments like Project Marvel’s approval influence neighborhood selection, timing decisions, and price perceptions in meaningful ways.

Neighborhood Evaluation Criteria: Modern homebuyers—particularly younger Millennial and Gen Z buyers who prioritize lifestyle and experiences—evaluate neighborhoods holistically rather than focusing solely on home characteristics. When buying a home in San Antonio, proximity to quality dining, shopping, entertainment, and services ranks among top priorities alongside traditional factors like school districts, commute times, and home features. The downtown’s expanding amenity base addresses this priority and strengthens its competitive position against other submarkets, making homes for sale in San Antonio’s urban core increasingly attractive to buyers seeking walkable, amenity-rich neighborhoods.

The Pre-Construction Window: The period between voter approval and construction commencement (approximately late 2025 through late 2026) represents a potential opportunity window where savvy buyers can acquire properties before widespread market recognition of Project Marvel’s impacts drives pricing adjustments. Properties purchased during this period at pre-impact pricing could capture appreciation as construction progresses and market anticipation builds.

However, this strategy involves risks including construction delays or project modifications that reduce anticipated impacts, broader market conditions that offset Project Marvel benefits, and individual property challenges that prevent capturing neighborhood appreciation.

Evaluating Specific Properties and Neighborhoods: Not all downtown properties will benefit equally from Project Marvel. Buyers should evaluate proximity to the development site and likely foot traffic patterns, neighborhood trajectory and existing momentum independent of the arena, property condition and any required renovations or improvements, walkability and actual pedestrian connections to Project Marvel, and comparable recent sales and pricing trends.

Properties in Lavaca, for example, may see more direct benefits than those in more distant neighborhoods like Dignowity Hill or Government Hill, though all downtown areas will likely experience some positive influence.

New Construction and Development Opportunities: Project Marvel will likely catalyze new residential construction throughout downtown as developers respond to anticipated demand. Buyers should monitor planned developments and pre-construction opportunities in buildings that will deliver after Project Marvel opens, potentially offering modern amenities, arena proximity, and pricing that reflects market conditions before full impacts materialize.

Lifestyle Fit Assessment: Financial considerations aside, buyers should honestly assess whether downtown urban living aligns with their lifestyle preferences, daily routines, and long-term plans. Downtown offers walkability, entertainment access, and urban energy, but also involves trade-offs including limited yard space, parking challenges in some areas, higher noise levels, and different neighborhood character than suburban environments. Project Marvel enhances downtown’s appeal but doesn’t fundamentally change these inherent characteristics.

Investment Property Considerations

Real estate investors evaluating downtown San Antonio opportunities should weigh several factors specific to Project Marvel’s impacts.

Risk-Return Profiles: Downtown investment properties typically offer different risk-return characteristics than suburban alternatives. Potential advantages include stronger appreciation potential in improving urban markets, higher rental rates supporting better cash flow, tenant demographics that may include young professionals with stable income, and limited land availability constraining competitive supply.

Potential challenges include higher acquisition costs reducing initial yields, property management complexity in urban environments, regulatory considerations for short-term rentals and parking, and market volatility if downtown development momentum stalls.

Investment Strategies: Different investor profiles might pursue varying strategies. Value-add investors could target properties needing renovation in appreciating neighborhoods, executing improvements during Project Marvel’s construction, and positioning for sales or refinancing post-opening. Buy-and-hold investors might acquire stabilized rental properties in established neighborhoods, focusing on cash flow while capturing long-term appreciation. Development investors with larger capital bases and higher risk tolerance might pursue ground-up construction or major rehabilitation projects timed to deliver as Project Marvel opens.

Due Diligence Priorities: Investors should conduct thorough analysis including comparable rent and sales data establishing realistic baseline expectations, neighborhood trajectory assessment independent of Project Marvel, property condition evaluation and renovation cost estimation, regulatory and zoning review confirming intended use permissions, and financial modeling across various scenarios including delayed construction or reduced impacts.

Working with experienced real estate professionals like Tami Price who understand downtown market dynamics, have historical perspective on development impacts, and can provide objective analysis helps investors make informed decisions based on fundamentals rather than speculation or emotion.

Implications for Suburban Homeowners and Buyers

While Project Marvel’s most direct impacts affect downtown, suburban homeowners and buyers throughout San Antonio, Schertz, Helotes, Cibolo, Converse, and Boerne should understand potential indirect effects.

Migration Patterns and Demand Shifts: If Project Marvel successfully attracts young professionals, empty nesters, and other demographics preferring urban living, it could reduce demand for certain suburban property types while other submarkets remain unaffected. However, San Antonio’s overall population growth and diverse buyer preferences suggest suburban markets will continue thriving even as downtown strengthens—the pie is growing, not just being redistributed.

Comparative Value Positioning: As downtown property values appreciate, suburban alternatives may appear increasingly attractive to buyers prioritizing space, yards, schools, and value over urban proximity. Understanding these comparative dynamics helps suburban sellers position properties effectively and buyers evaluate where their budgets achieve optimal combinations of features and location.

Entertainment Access Benefits: All San Antonio residents benefit from improved downtown entertainment infrastructure through enhanced concert and event access, increased restaurant and dining options, improved tourism infrastructure supporting the city’s reputation, and community pride in major civic investments. These benefits accrue broadly even to residents who rarely visit downtown.

Expert Insight from Tami Price

“The voter approval of Project Marvel represents a pivotal moment in San Antonio’s evolution, and I believe it will be viewed historically as one of the most significant development decisions in the city’s modern era,” says Tami Price, Broker Associate and REALTOR® with Real Broker, LLC. “Having closed approximately 1,000 transactions over 18 years in this market, I’ve watched downtown San Antonio gradually improve from an area most buyers avoided for residential purposes into an increasingly viable option for certain demographics. Project Marvel accelerates this trajectory dramatically.”

Price, a U.S. Air Force veteran who serves buyers and sellers throughout San Antonio, Schertz, Helotes, Cibolo, Converse, and Boerne, emphasizes the importance of understanding both opportunities and realistic expectations surrounding major development projects. Her experience as one of the best real estate agents in San Antonio comes from not just transaction volume, but from guiding clients through multiple market cycles and understanding how developments like Project Marvel influence everything from buying a home in San Antonio to selling a home in San Antonio across diverse price points and neighborhoods.

The Downtown Transformation Trajectory

“What excites me about Project Marvel isn’t just the arena itself, though that’s obviously significant given the Spurs’ importance to our community. It’s the comprehensive vision for a mixed-use district that addresses downtown’s fundamental challenge—creating reasons for people to be there beyond business hours and tourist season. San Antonio has an incredible downtown with the River Walk, historic sites, and beautiful architecture, but it’s historically lacked the residential density and everyday amenities that make urban cores truly vibrant 24 hours a day.”

Price notes that the project’s mixed-use nature differentiates it from single-purpose developments. “An arena alone wouldn’t transform downtown—we’ve seen examples in other cities where sports venues sit surrounded by parking lots with minimal activation beyond game days. Project Marvel’s integration of residential, retail, dining, public spaces, and entertainment creates the critical mass needed to fundamentally change downtown’s character and appeal.”

Real Estate Opportunities and Timing

When discussing investment opportunities for those buying a home in San Antonio’s downtown corridor, Price offers measured perspective informed by decades of market experience. “I’m optimistic about downtown’s trajectory and believe properties in close-in neighborhoods will appreciate beyond typical market rates over the next 5-10 years. However, I’m also realistic that not every property will be a winner, timing matters tremendously, and individual circumstances vary. Real estate investment isn’t a guaranteed path to riches—it requires careful analysis, adequate capital, risk tolerance, and often some luck with timing.”

For buyers considering homes for sale in San Antonio’s downtown neighborhoods, Price emphasizes the importance of honest lifestyle assessment. “I have clients who absolutely love urban living—they want walkability, entertainment access, and the energy of downtown environments. For them, Project Marvel makes downtown even more attractive and buying a home in San Antonio’s urban core now, before widespread price adjustments, could be smart timing. But I also work with clients who thought they wanted urban living, bought downtown, and realized within a year or two that they missed yards, quiet, and suburban character. Whether you’re buying a home in San Antonio or selling a home in San Antonio, decisions should align with how you actually live, not aspirational versions of yourself.”

The Military Buyer Consideration

As someone who holds a Military Relocation Professional (MRP) certification and has closed seven VA loan assumptions in the past year, Price considers how Project Marvel affects military families stationed at Joint Base San Antonio installations. “Downtown San Antonio isn’t typically the first choice for military families—most prioritize proximity to their installations, good schools, and family-friendly neighborhoods that align better with suburban locations near Randolph, Fort Sam, or Lackland. However, I do work with some military professionals—particularly higher-ranking officers, dual-military couples without children, and service members nearing retirement—who appreciate urban living and the unique lifestyle downtown offers.”

She notes that VA financing works perfectly well for downtown properties within loan limits, though military buyers should consider resale implications. “If you’re purchasing downtown with VA financing, remember that your eventual buyer pool when PCS time comes may be smaller than for suburban properties that appeal to broader family demographics. That doesn’t mean it’s a bad decision, just a factor to consider when evaluating properties and pricing expectations.”

Advice for Sellers in Downtown Markets

For homeowners currently owning downtown properties and considering selling, Price offers strategic guidance. “If you’re selling in the next 1-2 years, Project Marvel provides excellent marketing messaging about downtown’s trajectory, investment momentum, and improving amenities. However, much of that story is already priced into current market conditions—properties in King William, Lavaca, and Southtown have already appreciated substantially over the past 5-10 years as downtown improved. Don’t assume Project Marvel alone will drive dramatic near-term price increases beyond what markets already reflect.”

She suggests sellers focus on property-specific factors rather than relying primarily on neighborhood trajectory. “Buyers purchasing downtown prioritize condition, character, walkability, and lifestyle fit. Make sure your property shows well, pricing reflects realistic comparable sales data, and marketing highlights specific features that distinguish your home rather than just talking about the neighborhood. Project Marvel enhances the context, but buyers ultimately make decisions based on whether they love your specific property.”

Long-Term Market Evolution

Looking ahead to how Project Marvel might influence San Antonio real estate over the next decade, Price expresses measured optimism. “I believe this project helps San Antonio compete more effectively with Austin, Dallas, and Houston for young professionals, corporate relocations, and the type of urban development that supports long-term economic growth. That’s good for our entire market, not just downtown. A stronger, more vibrant urban core benefits the whole region through job creation, tax base expansion, and enhanced reputation.”

However, she cautions against assuming uniform impacts across all markets. “San Antonio is a large, diverse metropolitan area with multiple strong submarkets that appeal to different demographics for different reasons. Project Marvel strengthens downtown’s position, but it doesn’t diminish the appeal of Stone Oak’s amenities, Boerne’s Hill Country character, or the West Side’s newer construction and affordability. Different buyers will continue choosing different areas based on their specific priorities, life stages, and preferences. The market is growing, not just shifting around.”

Working with Experienced Representation

Price emphasizes the value of experienced professional guidance when navigating major market transitions. “Major development projects like Project Marvel create both opportunities and risks that vary tremendously based on specific properties, timing, financing, and individual circumstances. Whether you’re buying a home in San Antonio or selling a home in San Antonio, working with one of the top real estate agents in San Antonio who understands downtown’s history, tracks development activity, analyzes market data objectively, and can provide honest guidance helps make informed decisions rather than emotional reactions based on hype or fear.”

She notes that her 18 years of market experience spanning boom periods, the 2008-2012 downturn, and subsequent recovery informs more measured perspectives than agents with limited experience only in rising markets. “I’ve seen what happens when markets get overheated and buyers overpay based on speculation rather than fundamentals. I’ve also seen great opportunities that savvy buyers captured because they acted strategically when others hesitated. My role as one of the best San Antonio real estate agents is helping clients understand the difference and make decisions appropriate for their specific situations—whether that’s identifying the right homes for sale in San Antonio’s downtown corridor or timing the sale of their current property—rather than trying to time markets perfectly or chase returns that may not materialize.”

Three Takeaways

1. San Antonio Voters Approved $1.3 Billion in Public Financing for Project Marvel—A Transformative Mixed-Use Development Featuring New Spurs Arena and Entertainment District

The November 5, 2025 passage of Proposition B authorized up to $1.3 billion in public financing through hotel occupancy taxes, rental car taxes, tax increment financing, and bonds to fund Project Marvel—a comprehensive downtown development spanning approximately 30 acres near the former CPS Energy site adjacent to Hemisfair Park. The project’s centerpiece is an 18,000-seat state-of-the-art arena that will become the new home of the San Antonio Spurs, surrounded by residential towers offering hundreds or thousands of new downtown housing units, retail and dining establishments creating vibrant street-level activity, hotels accommodating event attendees and tourists, and public plazas and green spaces providing community gathering areas. Construction is expected to begin in late 2026 with completion and opening targeted for 2029-2030, creating 5,000-7,000 construction jobs during the build phase and 1,500-2,500 permanent positions once operational. The voter approval represents strong community endorsement of downtown revitalization and positions San Antonio to compete more effectively with Austin, Dallas, and Houston for urban residents, corporate relocations, and 24-hour district vibrancy that enhances quality of life and economic competitiveness.

2. Properties in Close-In Downtown Neighborhoods Including King William, Lavaca, and Southtown Are Positioned for 12-18% Appreciation Beyond Normal Market Rates Over the Next Five Years

Real estate professionals and economists analyzing Project Marvel’s likely impacts project that properties within approximately one to two miles of the development site will experience appreciation exceeding typical market rates as the project progresses through construction, opening, and maturation phases. Preliminary analyses suggest 12-18% additional appreciation over five-year periods beyond what would occur in comparable neighborhoods absent the Project Marvel catalyst, with variation based on specific location, property type, and overall market conditions. This appreciation stems from multiple factors including enhanced neighborhood desirability and amenity access, validated market confidence from major public investment, increased foot traffic and vibrancy supporting commercial activity, and demographic shifts as urban living becomes more attractive to young professionals, empty nesters, and lifestyle-oriented buyers. Historical precedents from arena and entertainment district projects in comparable cities support these projections, though individual property outcomes will vary significantly based on condition, location, timing, and execution. For current homeowners, this represents potential equity growth and enhanced resale positioning. For prospective buyers, the period between approval and construction commencement may offer windows to acquire properties before widespread market recognition drives pricing adjustments.

3. Project Marvel Represents a Watershed Moment in San Antonio’s Urban Evolution—Transforming Downtown From Primarily Daytime-Commercial District Into Vibrant 24-Hour Mixed-Use Neighborhood

Beyond immediate real estate impacts, Project Marvel’s significance lies in catalyzing comprehensive downtown transformation that addresses San Antonio’s historical challenges attracting residential populations and creating after-hours vibrancy comparable to peer Texas cities. The project complements ongoing developments including Frost Tower, Hemisfair improvements, River Walk extensions, and San Pedro Creek Culture Park to create critical mass of residential, commercial, entertainment, and cultural uses supporting 24-hour urban district functionality. This transformation benefits San Antonio broadly through enhanced corporate location appeal attracting companies and jobs, improved tourism infrastructure supporting hospitality economy, expanded entertainment and cultural options enriching quality of life, increased downtown property tax base supporting municipal services, and enhanced competitive positioning against Austin, Dallas, and Houston for growth industries and demographics. While downtown’s most direct beneficiaries are property owners and businesses in close-in neighborhoods, successful urban core development creates positive externalities benefiting entire metropolitan regions through job creation, tax revenue, and enhanced reputation that influences migration and investment decisions at regional scales.

Frequently Asked Questions

Q: When will construction of the new Spurs arena actually begin?

A: Current projections indicate construction will commence in late 2026 or early 2027, following completion of design refinement, community input processes, permitting, final engineering, and site preparation activities throughout 2026. The exact groundbreaking date depends on navigating various regulatory approvals, finalizing architectural and engineering plans, completing bid processes for construction contracts, and coordinating utility relocations and site preparation. Once construction begins, the build-out is expected to span approximately 30-36 months, targeting completion and opening around 2029-2030. This extended timeline is typical for projects of this scale and complexity, though delays are always possible due to unforeseen challenges, supply chain issues, weather events, or regulatory complications.

Q: Will the current Frost Bank Center on the East Side close when the new arena opens?

A: No final decisions have been announced regarding the Frost Bank Center’s future once Project Marvel’s arena becomes operational. The facility, which opened in 2002 and has served as the Spurs’ home for over two decades, remains a functional venue capable of hosting events even after the team relocates downtown. Potential scenarios include continuing to operate the Frost Bank Center for non-Spurs events including concerts, family shows, other sporting events, and community functions, repurposing the facility for alternative uses such as youth sports, convention space, or community programming, or eventual demolition and site redevelopment depending on economic viability and market demand. The Frost Bank Center’s location adjacent to the Freeman Coliseum complex and its surrounding commercial corridor provides flexibility for various future uses. Any decisions will likely consider market demand for event venues, operating costs and financial viability, community needs for sports and entertainment facilities, and highest and best use of the valuable real estate the facility occupies.

Q: Where exactly is Project Marvel located, and how does it connect to existing downtown attractions?

A: Project Marvel occupies approximately 30 acres near the former CPS Energy headquarters site, positioned strategically between existing downtown attractions and neighborhoods. The location sits adjacent to Hemisfair Park, a revitalized civic green space and cultural district, within walking distance of the San Antonio River Walk’s downtown and southern sections, approximately one mile from the Alamo and primary downtown business district, connected to the San Pedro Creek Culture Park linear park system, and positioned to serve as a bridge linking downtown’s core with southern neighborhoods including King William, Southtown, and the Blue Star Arts Complex. This positioning allows Project Marvel to leverage existing downtown infrastructure and attractions while extending downtown’s activated footprint southward into previously underutilized areas. Pedestrian connections, enhanced streetscapes, and public space improvements associated with the project will improve walkability between the arena district and surrounding neighborhoods, creating more cohesive urban fabric and supporting the vision of a fully connected downtown environment rather than isolated development nodes.

Q: How will Project Marvel be funded, and will it increase property taxes for homeowners?

A: The $1.3 billion financing package approved by voters relies on diversified revenue streams designed to minimize direct impacts on residential property taxpayers. Primary funding sources include hotel occupancy taxes generated by downtown and area hotels—costs borne primarily by visitors rather than residents, rental car taxes paid predominantly by tourists and business travelers, tax increment financing (TIF) that captures property tax revenue growth within defined districts created by the development itself, public bonds backed by these dedicated revenue streams, and private investment contributions from developers and the Spurs organization. This financial structure was crafted specifically to avoid broad-based property tax increases on residential homeowners throughout San Antonio and Bexar County—a critical consideration for securing voter approval given legitimate concerns about taxpayer burdens and competing municipal priorities. While no large-scale project is entirely without fiscal risks, the financing framework aims to make beneficiaries of the development—visitors, event attendees, businesses serving increased downtown activity—bear proportionate costs while protecting residential taxpayers from direct obligations.

Q: What types of residential development will be included in Project Marvel?

A: While specific residential components continue to be refined through planning and community input processes, initial proposals envision substantial residential development including mid-rise and high-rise apartment towers offering market-rate rental housing targeting young professionals, empty nesters, and urban lifestyle seekers, potential condominium towers for ownership opportunities in the downtown core, possible mixed-income components including workforce housing at various affordability levels, and ground-floor retail and dining creating vibrant street-level experiences beneath residential levels. Total residential unit counts discussed during planning phases ranged from several hundred to potentially 1,000+ units depending on final design, density, and market conditions when construction occurs. This residential component is critical to Project Marvel’s success—adding downtown population creates demand for retail, dining, and services that support long-term district vibrancy beyond just event-driven activity. The residential towers will also contribute significantly to downtown’s property tax base, generating ongoing revenue supporting municipal services and infrastructure.

Q: How will Project Marvel affect downtown traffic, parking, and infrastructure?

A: Major event venues inevitably generate traffic and parking demands that must be accommodated through comprehensive infrastructure planning. Project Marvel’s design includes structured parking facilities integrated into the development providing several thousand spaces for event attendees and district residents, enhanced public transportation access including improved bus service and connections to the city’s transit system, bicycle infrastructure and pedestrian improvements encouraging non-vehicular access, traffic management plans coordinating event ingress and egress flows, and integration with existing downtown parking resources during non-event times. The city and developers will need to carefully manage event timing to avoid conflicts with peak commute hours when possible, implement dynamic traffic control systems directing vehicles efficiently, and encourage ride-sharing, public transportation, and other alternatives to reduce single-occupancy vehicle trips. Some traffic congestion during major events is inevitable in urban environments—successful venues in other cities manage these challenges through comprehensive planning, real-time traffic management, and encouraging alternatives to driving. Residents in close-in neighborhoods should expect increased traffic on event days, though proper planning can minimize disruptions and many urban residents actually appreciate the vibrancy and energy associated with events even if it involves occasional inconvenience.

Q: Will Project Marvel primarily benefit downtown, or will effects extend to suburban neighborhoods?

A: While Project Marvel’s most direct and immediate impacts will concentrate in downtown and close-in neighborhoods, successful urban core development creates benefits extending throughout metropolitan regions. All San Antonio residents benefit from enhanced entertainment and event access through improved concert, sporting event, and cultural programming, strengthened tourism economy supporting hospitality, service, and retail employment, increased downtown property tax base potentially reducing pressure for rate increases, improved regional reputation attracting corporate relocations and quality jobs, and community pride in major civic investments and amenities. Suburban real estate markets will likely see minimal direct impacts on property values—Project Marvel doesn’t diminish the appeal of suburban amenities, good schools, larger lots, or new construction that drive buyers to areas like Stone Oak, the West Side, or Northeast corridors. The San Antonio market is large and diverse enough to support both thriving suburban development and strengthening urban core simultaneously. Different buyers prioritize different attributes, and successful metropolitan regions offer choices across the spectrum from urban density to suburban space to rural acreage. Project Marvel expands choices for urban-oriented buyers without necessarily reducing suburban demand.

Q: Should I buy property downtown now before Project Marvel drives up prices?

A: Whether purchasing downtown property represents a sound decision depends entirely on your individual financial circumstances, lifestyle preferences, risk tolerance, investment timeline, and specific properties under consideration—no universal answer applies to all potential buyers. Factors suggesting potential opportunity include the window between voter approval and construction commencement potentially offering pre-impact pricing, historical precedents showing arena projects supporting appreciation in close-in neighborhoods, limited downtown residential inventory constraining future supply, and genuine lifestyle fit if you actually want urban living. Factors suggesting caution include construction timeline uncertainty and potential delays affecting investment returns, individual property variations meaning not all downtown homes will appreciate equally, market condition risks that could offset Project Marvel benefits, and lifestyle misalignment if you’re purchasing based on investment speculation rather than genuine desire for urban living. Working with experienced real estate professionals like Tami Price who can analyze specific properties, evaluate market conditions objectively, model financial scenarios, and provide honest assessment of opportunities and risks helps make informed decisions rather than emotional reactions based on headlines and speculation. Real estate investment isn’t a guaranteed wealth creation strategy—it requires careful analysis, adequate capital, patience, and often some luck with timing and market conditions.

The Bottom Line

San Antonio’s approval of Project Marvel represents a defining moment in the city’s ongoing evolution from a mid-sized Sun Belt metro relying heavily on tourism and military installations into a more diversified, dynamic urban center capable of competing with Austin, Dallas, and Houston for the industries, talent, and investment that drive 21st-century economic growth. For those buying a home in San Antonio or selling a home in San Antonio, understanding how the $1.3 billion investment in a state-of-the-art arena and mixed-use entertainment district will reshape downtown’s residential appeal, property values, and neighborhood character becomes essential for making informed real estate decisions.

The project addresses fundamental weaknesses in downtown San Antonio’s residential population, after-hours vibrancy, and urban amenity infrastructure that have historically limited the city’s appeal to certain demographics and businesses. For homeowners with properties among the homes for sale in San Antonio’s downtown neighborhoods, Project Marvel creates compelling marketing narratives about area transformation and growth momentum. For buyers evaluating homes for sale in San Antonio across multiple submarkets, the downtown’s evolution expands choices and creates opportunities for those seeking urban lifestyles with modern amenities.

For real estate stakeholders—homeowners, buyers, sellers, and investors throughout San Antonio, Schertz, Helotes, Cibolo, Converse, and Boerne—Project Marvel creates multi-layered implications that will unfold gradually over the next 5-10 years as the project progresses from concept through construction to operational maturity. Properties in close-in downtown neighborhoods are positioned for appreciation beyond typical market rates, with the potential for significant equity growth for owners who maintain properties through the development cycle. Prospective buyers evaluating downtown purchases face strategic timing considerations as markets begin pricing in anticipated impacts while actual construction and opening remain years away.

Beyond direct property value impacts, Project Marvel’s success in creating a vibrant, 24-hour urban district will enhance San Antonio’s competitive positioning among major Texas metros, supporting broader economic development that benefits all residents through job creation, tax base expansion, and improved quality of life. The project complements substantial ongoing investments in downtown including Frost Tower, Hemisfair improvements, River Walk extensions, San Pedro Creek Culture Park, and numerous residential developments to create the critical mass of uses, residents, and activity that transform urban cores from daytime-only business districts into genuine mixed-use neighborhoods supporting round-the-clock vibrancy.

The extended timeline between voter approval and project opening creates windows for strategic decision-making at various phases. Early-stage opportunities during 2026-2027 may offer acquisition possibilities before widespread market recognition drives pricing adjustments. Mid-construction period interest during 2027-2029 will reflect growing anticipation as the physical project takes shape and opening approaches. Post-opening years after 2030 will demonstrate actual impacts as event programming, residential occupancy, and district activation either validate or challenge pre-construction expectations.

Not every downtown property will prove a winning investment, and individual outcomes will vary dramatically based on specific location, property characteristics, purchase timing, holding period, and broader market conditions beyond anyone’s control. Real estate investment carries inherent risks, requires adequate capital and risk tolerance, and should align with personal circumstances and objectives rather than purely speculative motivations.

For buyers and sellers throughout San Antonio’s diverse submarkets, understanding Project Marvel’s implications helps contextualize downtown’s trajectory relative to other areas, evaluate comparative value propositions, and make informed decisions about when and where to transact. Whether you’re buying a home in San Antonio’s urban core or selling a home in San Antonio’s established suburban neighborhoods, the strengthening downtown doesn’t diminish other areas’ appeal—rather, it expands choices available to buyers with diverse preferences and enhances the entire region’s reputation and economic vitality.

Working with experienced real estate professionals who track development activity, understand market dynamics, provide objective analysis based on data rather than emotion, and can guide strategic decision-making helps navigate these opportunities and risks successfully. Tami Price, recognized as one of the top San Antonio real estate agents with 18 years of experience serving buyers and sellers throughout San Antonio, Schertz, Helotes, Cibolo, Converse, and Boerne, brings the local expertise and market knowledge essential for understanding how Project Marvel influences everything from homes for sale in San Antonio’s downtown corridor to suburban property values across the metro area.

Whether you’re excited about urban living opportunities in downtown’s emerging neighborhoods, committed to suburban lifestyles in growing corridors throughout the metro area, or simply want to understand how major developments influence the broader market, having access to one of the best real estate agents in San Antonio makes the difference between successful outcomes and costly mistakes.

Contact Tami Price, REALTOR®

Whether you’re exploring downtown real estate opportunities, considering selling properties in close-in neighborhoods, or evaluating how Project Marvel might influence markets throughout San Antonio, Schertz, Helotes, Cibolo, Converse, or Boerne, Tami Price brings 18 years of experience and approximately 1,000 closed transactions to help you navigate the market with confidence and expertise.

As a U.S. Air Force veteran and Broker Associate with Real Broker, LLC, Tami specializes in serving military families during PCS relocations, VA loan transactions including assumptions, and buyers and sellers throughout San Antonio’s diverse submarkets and growth corridors.

Contact Tami Price:

• Phone: 210-620-6681
• Email: tami@tamiprice.com
• Website: www.tamiprice.com

Tami Price’s Specialties

• Downtown San Antonio Real Estate
• Military Relocations & PCS Moves
• VA Loan Assumptions (7 closed in the past year)
• First-Time Homebuyers
• Home Sellers & Listing Representation
• Investment Property Analysis
• New Construction Homes
• Residential Real Estate Throughout San Antonio & Surrounding Areas
• Buyer & Seller Representation in Schertz, Helotes, Cibolo, Converse, and Boerne

Disclaimer

This blog post is provided for informational and educational purposes only and should not be construed as investment, financial, legal, or professional advice. Project Marvel is a proposed development subject to design refinement, permitting, financing, construction, and numerous contingencies that could affect timelines, scope, costs, and outcomes. Real estate markets involve substantial risks and uncertainties, and past performance in comparable markets does not guarantee future results in San Antonio. Property value projections, appreciation estimates, and market impact analyses represent educated assessments based on historical precedents and current information but cannot account for unforeseen economic conditions, market corrections, construction challenges, or other factors beyond anyone’s control or prediction. Individual property outcomes vary dramatically based on specific location, condition, timing, financing, and countless other factors unique to each transaction. Readers should conduct independent research and consult with qualified real estate professionals, financial advisors, attorneys, tax professionals, and other appropriate experts before making any real estate purchase, sale, or investment decisions. Statistics, market data, timeline projections, and financial figures presented represent best available information at time of publication but are subject to change and revision. Tami Price, REALTOR®, and Real Broker, LLC make no warranties or guarantees regarding accuracy, completeness, applicability, or outcomes related to information presented in this blog post.