The San Diego City Council on Tuesday approved the purchase and sale agreement formalizing the city’s sale of the Mission Valley stadium site to San Diego State University.
The university purchased the 135-acre stadium site in Mission Valley for more than $88 million dollars.
“SDSU Mission Valley will create an academic and research hub helping generations of San Diegans achieve their personal, educational, and professional goals," Mayor Kevin Faulconer and SDSU President Adela de la Torre said in a joint statement. "It will create thousands of jobs and strengthen our regional economy."
RELATED: City Approves Framework For Sale Of Mission Valley Stadium Site To SDSU
The statement also said SDSU Mission Valley will support the city's goals of creating more housing, adding new pedestrian and bike paths, increasing transit use and the creation of a river park.
Faulconer is expected to sign the agreement after a required 30-day waiting period, which will execute the sale and begin the escrow period.
Ownership is expected to be transferred in early August with construction beginning shortly after.
