What is Project Marvel — in case you missed it
Project Marvel is a major initiative to create a downtown sports and entertainment district anchored by a new arena for the San Antonio Spurs, along with upgrades and expansion to other landmarks (the former coliseum/rodeo grounds, convention/event spaces, and mixed‑use development around downtown). Approval of Prop A and B unlocks public funding — via hotel and short‑term rental car taxes — to help build these projects while leveraging private investment from the Spurs and others. (Spectrum Local News)
What passed in November — and what’s happening now
- Voters approved Prop A (55.9%) to fund upgrades to the existing Frost Bank Center, the adjacent Freeman Coliseum / rodeo grounds and related facilities — part of the plan to preserve and repurpose the current coliseum site. (MySA)
- Voters also approved Prop B (52.1%) authorizing the county’s portion (up to $311 million) of funding toward a new downtown Spurs arena, to be complemented by city and private contributions under the Project Marvel agreement. (San Antonio Express-News)
- Following the vote, city and county officials joined Spurs leadership in a public celebration and pledged to begin the next steps toward design and development. (KSAT)
- Local government and planning bodies have begun preliminary actions: maintenance and evaluation of critical downtown infrastructure — including a major cooling plant operated by San Antonio Water System (SAWS) that serves the downtown convention‑event zone. That plant is undergoing urgent repairs, while long-term plans are being studied (which may involve relocation if Project Marvel developments move ahead). (San Antonio Express-News)
So in short: with public funding approved, the gears of planning, infrastructure prep, and private‑sector commitments are now turning.
What this could mean for downtown businesses & real estate in the next 6–12 months
As a Realtor working local buyers and investors, here’s how I see Project Marvel reshaping downtown San Antonio in the near future — and what that could mean if you’re looking to buy, invest, or advise clients:
- Increased investor and developer interest — mixed‑use, hospitality, retail, living space
Project Marvel’s projected development includes not just the arena, but adjacent hotels, apartments, retail/restaurant space, and expanded convention‑center capacity. According to economic‑impact estimates tied to the project, overall development could generate billions in new economic activity over decades. (San Antonio Express-News) That likely means downtown parcels and under‑utilized properties will attract attention — ideal for investors looking ahead.
- Pressure — and opportunity — on downtown housing and rentals
If the arena and entertainment district draw more events, visitors, and workers to downtown, demand for nearby housing — both rentals and owner‑occupied — could increase. That may push rents and property values up. For buyers now, locking in a purchase or investment under today’s pricing could pay off if demand surges. On the flip side, as older infrastructure (like the downtown cooling plant) is evaluated, there may be short‑term disruptions — something buyers want to know and monitor. (San Antonio Express-News)
- Boost to local businesses, retail, hospitality — and more foot traffic downtown
Restaurants, bars, entertainment venues, retail shops, and service providers downtown might see increased demand thanks to events, concerts, games, and conventions tied to Project Marvel. That could energize the local business climate, draw entrepreneurs, and in turn increase demand for live/work or investment properties nearby.
- Infrastructure improvements — but also uncertainty and transition
There's already talk of major infrastructure costs: roads, parking, utilities, possibly relocating or upgrading systems (like the SAWS cooling plant). (San Antonio Express-News) For real estate, this means some parts of downtown may get more attractive (with new sidewalks, better transit, updated utilities), while others may be noisy, under construction, or temporarily less desirable. Timing matters.
- Price and demand polarization — “hot zones” vs transitional zones
Downtown zones close to the new arena or planned mixed‑use development may become “hot zones” — higher demand, rising values. Meanwhile transitional areas (or zones facing street‑level disruption) may lag until infrastructure stabilizes. That creates opportunity: buyers/investors who are selective and strategic could benefit.
My Take — How Buyers and Investors Should Approach This
If you’re considering buying or investing in downtown San Antonio in the next year:
- Think long term. Project Marvel is just getting started — many of the game-changing elements (arena, mixed-use development, infrastructure work) will take time. If you can hold for 5–10 years, the upside could be significant.
- Focus on location within downtown. Proximity to the planned arena, transit lines, and amenities matters more than ever — that location premium may grow.
- Watch infrastructure news — especially utility and zoning changes. Projects like the SAWS cooling plant maintenance/relocation could affect certain blocks temporarily.
- Rental properties may become more attractive. Increased demand from event‑goers, workers, and tourists could drive stronger occupancy rates — good for investors.
- Be prepared for volatility in early phases. Construction, roadwork, and shifting demographics could cause uneven demand. Flexibility is key.
What I’m Watching — Key Milestones in the Next 6–12 Months
- Planning & design releases from the Spurs / city regarding the arena — site plans, renderings, public hearings.
- Infrastructure bond proposals: likely a funding package for roads, parking, utilities — maybe as soon as mid‑2026. (San Antonio Express-News)
- SAWS’s feasibility studies & decisions on downtown utility relocations (cooling, water, etc.), which could impact zoning, livability, and nearby development potential. (San Antonio Express-News)
- Early private development announcements: hotels, retail, apartments around the arena/convention‑center zone — those will shape where demand (and value) will flow.
- Market reaction: buyer and investor interest, rent demand, and shifts in property values — especially in areas close to the expected “action zone.”
Project Marvel isn’t just another development plan — it could reshape downtown San Antonio’s identity for decades. For buyers and investors, that’s both an opportunity and a call to strategy. If you’re patient, selective, and strategic — willing to think beyond the next 12 months — now might be a smart time to look at downtown real estate.
Mark Stillings, Associate Broker, M.B.A
210.772.3123 | mark@markstillings.com
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