What Happens Now That Project Marvel Is “Go” in Downtown San Antonio?

How the passage of Proposition A and Proposition B opens the door to a real‑estate‑value reset in downtown San Antonio.

Question: What does the recent voter approval of Propositions A & B mean for you — particularly if you’re buying or selling real estate in downtown San Antonio?

Short answer: With Propositions A & B on the books, the $1.3–$1.5 billion arena and broader Project Marvel sports & entertainment district are officially moving into the development pipeline. That creates a wave of infrastructure investment, new amenities, mixed‑use development and neighborhood transformation — all of which have real potential to push values, reshape demand and create new opportunities (and watch‑points) for downtown property. With 18 years working as a REALTOR® in San Antonio, I’ll walk you through what this really means and how to position yourself accordingly.

1. What exactly just got approved?

With the November 4, 2025 election, Bexar County voters approved:

• Proposition A (≈ 55.9 % yes): funds upgrades to the Frost Bank Center, Freeman Coliseum and the rodeo grounds, from visitor‑tax revenue. (TPR)
• Proposition B (≈ 52.1 % yes): authorizes up to roughly $311 million (from hotel/rental‑car taxes) toward the downtown arena portion of Project Marvel — the new home for the San Antonio Spurs and surrounding mixed‑use district. (CultureMap San Antonio)

In short: the public financing piece required to unlock Project Marvel is in motion. The deal terms: City ~ $489 M, County ~ $311 M, Spurs ~ $500 M+ (private). (CultureMap San Antonio)

Also, the project website and city documentation describe Project Marvel as a $3–4 billion long‑term redevelopment with arena, convention‑center expansion, Alamodome upgrades, mixed‑use/residential/office and entertainment zones. (virtualbx.com)

2. Why this matters for downtown real estate

As someone helping buyers purchase homes in San Antonio for 18 years, here are the knock‑on effects I see for downtown and nearby neighborhoods:

1. a) Infrastructure + amenities will increase attractiveness

Project Marvel’s visible components — the arena, upgraded convention center, new hotel, retail/restaurants, improved walkability — will enhance downtown’s appeal as a place to live, work and play. According to the City’s impact consultant, the broader district could generate ~$18.7 billion in economic impact over 30 years. (San Antonio Express-News)

For real‑estate: that means more foot traffic, more demand for urban‑living options, and likely more premium pricing for properties within the “zone” of transformation.

1. b) Changing demand dynamics

Properties near the future arena and entertainment district will likely see heightened demand from:

• Buyers seeking urban living with amenities
• Investors anticipating rental upside from short‑term stay/visitor‑adjacent demand
• Developers or conversions seeking to capitalize on rising land value

That tends to push up both purchase prices and rental rates — especially for well‑located condos, townhomes, lofts and even single‑family homes near downtown.

1. c) Property value “re‑rating” is possible

When a major anchor amenity (like a pro‑sports arena mixed with retail/residential) lands, it often triggers a re‑rating of surrounding land. Buyers may shift their willingness to pay. For sellers: this means an opportunity to set higher list prices. For buyers: it means future opportunity cost if they wait.

1. d) Timing matters

As your trusted REALTOR®, I’ll note: the value‑capture effect isn’t immediate. Construction timelines, public‑private coordination, zoning and infrastructure all take time. Early‑entrants (buyers who act now) may gain best value appreciation. Later entrants pay more for the “premium view.”

3. What could the numbers look like?

We don’t have a direct Zillow or Redfin forecast specifically for Project Marvel yet. But pulling comparable examples and economic context suggests:

• The consultant report estimated ~$351 million in direct tax revenue over 30 years from the district. (San Antonio Express-News)
• The arena and district itself represents multi‑billion‑dollar investment ($1.3‑1.5 billion just for the arena). (San Antonio Report)

Translated into real‑estate terms: assuming increased buyer demand and limited supply of quality downtown residential stock, it’s reasonable to expect annual appreciation rates in the higher range for affected micro‑markets (say 5–8%+ yearly) versus broader averages.

4. Key areas to watch (and opportunities)

Here’s how I am watching the downtown market and would guide buyers:

• Neighborhoods within ~½‑mile of the arena site

The proposed arena is at the former Institute of Texan Cultures site in the Hemisfair area. Homes/condos in Hemisfair, King William, Southtown, and adjoining downtown blocks will see the strongest ripple.

• Mixed‑use/residential parcels near retail and entertainment nodes

Properties that offer easy walkability, access to new restaurants/shops, or short‑term rental potential (subject to regulation) will likely carry a premium.

• Infrastructure‑adjacent, but slightly under‑priced areas

For buyers seeking value: neighborhoods just outside the primary zone (say 1–2 miles out) anticipate “spill‑over” as downtown pushes outward. Smart buys here may yield strong upside.

• Watch for supply constraints

If inventory remains tight while demand rises, that imbalance will push values higher. As your partner, I continually monitor downtown inventory, listings days‑on‑market, and pricing trends.

5. Risks, caveats and what to keep in mind

While this is an exciting inflection point, prudent buyers and sellers need to be aware of:

• The timeline is long: The arena build is projected as a 60‑month design + construction phase. (San Antonio Report)
• Public benefits are promised but not guaranteed; neighborhood groups have raised concerns about who truly benefits. (Trinitonian)
• There is “execution risk”: coordinating city, county, private commitments, zoning, infrastructure costs and market conditions.
• Price appreciation doesn’t guarantee short‑term gains; real‑estate is local and tied to supply/demand dynamics, interest rates and macroeconomics.
• Buyer affordability: As values rise, affordability may tighten — making timing and financing even more critical.

6. What this means for you — as a buyer or seller

If you’re buying:

• Get ahead of the curve — consider initiating a purchase now if you’re interested in downtown or near‑downtown living.
• Focus on location relative to the future entertainment district and walk‑access to amenities.
• Factor in potential for appreciation, but also ensure the property fits your lifestyle and financing conditions.
• Work with an agent (like me) who understands downtown micro‑markets and evolving supply/demand shifts.

If you’re selling:

• Highlight positional advantages: proximity to the future arena/district, walkability, amenity access, urban lifestyle.
• Consider timing: listing as the market begins to price in Project Marvel benefits may yield premium pricing.
• Make sure your property is “market ready”: upgrades, staging, professional photography matter more when buyers expect higher quality given the emerging district vision.

By approving Propositions A & B, San Antonio has effectively green‑lit the next major chapter for downtown. For real‑estate: that means evolving demand, shifting neighborhoods, and likely value upside — particularly for well‑positioned properties near the heart of the action. With 18 years of experience guiding buyers through San Antonio’s changing market, I’m excited about the possibilities and ready to help you navigate this next phase.

Thinking of buying or selling in downtown San Antonio — or want to understand how Project Marvel could impact your current property’s value? Let’s have a conversation.
Mark Stillings, Associate Broker, M.B.A
 210.772.3123
 mark@markstillings.com
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I’d be glad to provide you with a custom neighborhood analysis, list of “watch‑zones,” and up‑to‑date market data so you can act strategically.

I look forward to working with you and helping you make the most of this downtown transformation.