Once completed, SoccerCity could have an annual economic impact of $2.8 billion, according to projections released by the San Diego Regional Economic Development Corp.
The forecast unveiled on Thursday pertains to future of SoccerCity, a proposal for Mission Valley from FS Investors. With a stadium for an MLS expansion franchise serving as a centerpiece, the 79.9-acre development would include office space, residential units, student apartments, parkland, and other amenities.
Though it did not compare SoccerCity to possible alternatives, the report laid out what the project could provide to the region over time. The report also measured the impact of jobs created through construction, along with the employment opportunities that could become available once the development is finished. More from The San Diego Union-Tribune:
“A project of this size presents strong economic opportunities for our region,” said EDC President and CEO Mark Cafferty. “Our hope is that the data we have compiled will help better inform our public dialog in the weeks ahead.”
EDC research director Kirby Brady and former City Planning Director Bill Anderson, now principal and vice president of the AECOM consulting firm, estimated the jobs, wages, sales and other spending that would emanate from the project, both onsite and indirectly from spinoff activities.
Construction could involve around 4,000 jobs annually per year over a 10-year; they would be worth a cumulative $2.4 billion in wages and $3.7 billion in contributions to the gross regional product . The stadium and some housing, office and retail space is projected to open in 2020.
But once the entire project is finished, the annual economic output would produce 25,750 full-time-equivalent jobs, just under $2 billion in wages and $2.8 billion in gross regional product.
The onsite jobs would total 1,300 in retail and 9,400 in office, including 6,500 traditional white-collar office jobs and 2,900 high-tech office jobs.
Backers of the project are expected to soon launch a voter initiative drive for the SoccerCity, which could be considered by the city later this year. If it comes to fruition, the stadium could open for the MLS by 2020, while the remaining pieces of the development would be completed over the ensuing years.
The proposal calls for demolishing Qualcomm Stadium, the former home of the NFL’s San Diego Chargers and current host to San Diego State football. A plan released by a separate group on Thursday includes a renovation of Qualcomm Stadium to NFL standards, allowing it to anchor a development that includes a new arena among other amenities.
More information of SoccerCity’s projected tax revenues could be released by the EDC next week.
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