How Project Marvel Could Reshape Real Estate in Downtown San Antonio

What impact could Project Marvel have on downtown San Antonio's real estate market in the coming years?

If Project Marvel proceeds as proposed, it could trigger one of the most transformative real estate cycles in San Antonio’s history—boosting property values, spurring large-scale development, and attracting national investor attention.

The Scope and Ambition of Project Marvel

Project Marvel is more than just a new Spurs arena. It’s a multi-billion-dollar plan to reshape the economic and cultural heart of San Antonio. With estimated investments between $3.5 and $4 billion, the project includes:

• A new downtown arena costing $1.3–$1.5 billion
• A major expansion of the Henry B. Gonzalez Convention Center
• A land bridge over I-37 to reconnect neighborhoods
• Alamodome upgrades
• Roughly 50 acres of new mixed-use development

If executed, the economic ripple effect is expected to reach $18.7 billion over 30 years, along with more than $350 million in new tax revenue.

Predicted Impact on Real Estate Values

Assuming Project Marvel advances, real estate professionals and investors can anticipate several key trends:

1. Accelerated Property Appreciation

The combination of new venues, infrastructure improvements, and tourism growth is likely to drive strong demand for nearby housing. Walkable access to entertainment and job centers typically lifts residential property values—and downtown San Antonio is poised to follow suit.

Expect particularly strong appreciation in neighborhoods adjacent to the development zone, including Lavaca, Denver Heights, and parts of Dignowity Hill.

2. Increased Investor Activity

Mixed-use zoning, transit upgrades, and the promise of large crowds are magnets for real estate investors. As the market prices in future gains, expect:

• Rising multifamily property sales
• Land acquisition for redevelopment
• A push for short-term rental properties catering to visitors

Out-of-state investors may also move quickly to secure early positions, especially if the 2025 ballot initiative passes and construction timelines accelerate.

3. Commercial Real Estate Uplift

Retail, office, and hospitality sectors near the project footprint could benefit substantially. Businesses that cater to arena traffic, convention guests, and high-income residents will find strong footing in revitalized corridors.

This may lead to a tightening of downtown commercial vacancy rates and a spike in build-to-suit opportunities for national brands.

4. Gentrification Pressures

While rising values are great for equity holders, affordability could become an issue for longtime residents. Property tax increases and redevelopment may price out some owners unless city programs and housing policies are updated accordingly.

Timing and Political Factors to Watch

Despite widespread excitement, Project Marvel has met political headwinds. San Antonio Mayor Gina Ortiz Jones has called for a “strategic pause,” citing the need for independent analysis of the city’s financial exposure. However, the City Council is moving forward, aiming to finalize negotiations by August 2025.

The pivotal public vote to increase the hotel venue tax (funding up to $311 million for arena construction) is scheduled for November 2025.

For real estate players, this means the clock is ticking. First movers have a window to secure prime assets before broader market momentum takes hold.

Final Takeaway: Strategic Positioning Matters Now

If you’re considering a move in downtown San Antonio—whether as a homeowner or investor—now is the time to evaluate your options. Project Marvel could fundamentally shift the value landscape of the urban core, with early participants standing to gain the most.

Start monitoring rezoning proposals, watch the public vote in November 2025, and align your strategy with infrastructure timelines. For those who move decisively, this could be a once-in-a-generation wealth-building opportunity.

Want to be first in line for the opportunities Project Marvel will unlock?

Reach out to Mark Stillings, REALTOR® and Associate Broker with Real, to explore strategic real estate moves in downtown San Antonio.

Mark specializes in helping clients capitalize on emerging development zones, from residential repositioning to multi-use investment strategies.

 Follow Mark on Instagram | YouTube | Facebook for the latest real estate insights and Project Marvel updates.

Let’s make your move before the market does.