SAN ANTONIO – Federal property eyed as key for Project Marvel has sold to the city.
The General Services Administration (GSA) and the city of San Antonio announced Monday the closing of a $30 million deal for three parcels to support the proposed sports and entertainment district known as Project Marvel. The city now owns the federal office building near Hemisfair at 727 E. César E. Chávez Blvd. and two parking lots at 610 and 611 Indianola St.
Recommended Videos
Government occupants in the federal building will lease back the property for up to five years. City Manager Erik Walsh said the sale is a step in the right direction for downtown.
“This $30 million purchase, funded by the Spurs, gives the City a chance to help guide future growth and redevelopment in the heart of our city as we work toward a downtown Sports and Entertainment District and a new Spurs arena,” he said in a statement. ”We appreciate the U.S. General Services Administration’s partnership in getting this done.”
The sale was funded by the San Antonio Spurs, per the Project Marvel term sheet signed last year.
GSA Administrator Edward Forst said the deal represents the Trump administration’s push to create efficiencies in the government’s real estate portfolio.
“Through an accelerated disposition process, we completed this transaction five years ahead of schedule, facilitating the federal government to divest an asset that no longer supports its operational needs,” he said.
As the Business Journal previously reported, the city council unanimously approved the acquisition of the 5.7 acres in a January meeting. City officials previously said federal ownership of the parcels has been a “significant buffer” to Hemisfair access. The GSA listed them as surplus properties in 2025.
Read more of this story at the San Antonio Business Journal website.
Editor’s note: This story was published through a partnership between KSAT and the San Antonio Business Journal.
More recent SABJ coverage on KSAT: