We should hear more about this development soon. An ownership group has been formed and they intend to capitalize on the vacuum left by the Chargers. San Diego is the 8th largest city in the US and has a metro population of over three million. The group made a smart move by teaming up with San Diego State to build and share a new stadium in Mission Valley.

The plan also calls for multi-use development of the Qualcomm site in Mission Valley, expansion of San Diego State, and the creation of a large city park by the river that flows by the area. The group will self finance and not ask for any public assistance. The plan has the full support and backing of the mayor and the government of San Diego. It is a strong bid.

Furthermore, there are rumors of the group having a secret weapon that will be unveiled at a later date and that is supposedly Landon Donovan. He lives in San Diego and has been in discussions with the group and could have a role as a director, owner, or both.

From the San Diego Union Tribune:

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"This is an exciting concept that could welcome major league soccer to San Diego without public subsidy, provide a home for Aztecs football and create a long-awaited river park,” Mayor Kevin Faulconer said in a statement issued by his office. “I look forward to seeing the final plan."

Councilman Scott Sherman, whose district includes the Qualcomm site, said the MLS plan improves on the Chargers’ downtown proposal because it doesn’t require a tax increase or taxpayer support.

“These guys been have been willing to work with us,” Sherman said. “They have been to the council and mayor’s office several times and we’ve seen soccer representatives a lot more than than we’ve ever seen from the Chargers.”

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A $200 million soccer stadium as part of a $1 billion redevelopment of the Qualcomm Stadium property in Mission Valley was proposed Monday with a citizens ballot initiative drive as the vehicle to bring it about.

The facility containing 30,000 seats and projected to open in 2020 could also be used by San Diego State University’s Aztecs football team and other soccer teams.

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The project, coming 10 days after the Chargers relocated to Los Angeles, came from FS Investors, a La Jolla and San Mateo investment group with a variety of present and past ventures, including some sports and commercial developments.

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Buy the 166-acre site from the city at fair market value, as determined by a third-party. The site has been estimated at about $50 million in its present, unimproved condition

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Demolish 50-year-old Qualcomm Stadium, relieving the city of the annual upkeep of about $12 million and about $100 million in deferred maintenance costs. The city still owes about $28 million on outstanding bonds

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Pay for a 55-acre San Diego River Park on the south side of the property

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Cover the costs of offsite traffic improvements associated with the development, as determined in an environmental analysis to accompany the citizens initiative, as well as onsite infrastructure site development costs with details to be laid out in coming weeks

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Build housing, including about 800 beds for SDSU students, 10 percent of the remainder for low- and moderate-income renters; office space for SDSU and other tenants, including a possible million-square-foot corporate headquarters; one or more hotels; and related commercial and entertainment uses on the remainder of the property; develop a transit-oriented development tied to the existing trolley line and one planned along Interstate 15

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A poll of 700 adults conducted for The San Diego Union-Tribune and KGTV-10 News by SurveyUSA showed that 70 percent support the soccer proposal with men, young people and Hispanics the most in favor. There was a 3.5 percent margin of error. Even more, 74 percent, support development around the stadium, with a 3.3 percent margin of error.

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Stone said discussions are ongoing with SDSU on how it might participate in a joint-venture for the soccer stadium. The campus has already spoken of raising $100 million as its share. FS Investors pledges to eventually donate its 50 percent share to the university.

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It is headed by Michael R. Stone (unrelated to Nick Stone), who besides various business ventures has been active in a number of charities and institutions locally and nationally, from the San Diego Museum of Art to the Library of Congress. The company maintains offices in La Jolla and San Mateo and expressed interest in bringing professional soccer to San Diego last summer.

Other principals and investors include Steve Altman, former president of Qualcomm Corp.; brothers Masood and Massih Tayebi, active in telecommunications companies; and Peter Seidler, largest shareholder of the San Diego Padres.

quote:
Donovan said he has had “early conversations” with people “who have a very serious interest” in San Diego.

"If I can be a part of that, it would be tremendous,” he said. “I would love to see this area have a USL (United Soccer League) team or MLS team. This is a crazy soccer market.”

The race for those final three expansion slots (Sacramento is a given for #25) will be an intense one.

San Diego?
St. Louis?
Cincinnati?
San Antonio?
Detroit?
Nashville?
Tampa?
Raleigh?