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SAN DIEGO (CNS) – The California State University Board of Trustees Tuesday approved the design and financing plan for San Diego State University’s new multi-use stadium in Mission Valley.

The board’s approval enables SDSU to continue preparation for the 35,000-capacity Aztec Stadium, which will be among the first projects to be constructed as part of the university’s Mission Valley campus.

SDSU and the California State University will continue to assess the ongoing impacts of current events related to the COVID-19 pandemic and make adjustments to the schedule and planning as needed.

“We are pleased that the trustees continue to share our vision for this project, as the construction of the stadium is a key first step allowing us to unlock the rest of the Mission Valley site plan,” SDSU President Adela de la Torre said. “Current events remind us that we need to approach every decision with intention. The board’s approval today means that we can move forward in our planning and deliberation, and advance Mission Valley as it makes the strongest sense for our students and for San Diego.”

The multi-use stadium, estimated to cost $310 million, will be funded through philanthropic gifts as well as system-wide revenue bonds that will be paid back with revenue generated by the facility — including ticket revenue, naming rights and concessions. The bond issuance can be timed appropriately based on market conditions moving forward. Operating costs will also be supported by revenue generated by the facility.

“I am grateful to our Aztec community, which has already helped us raise more than $30 million toward the multi-use stadium project,” said SDSU Athletic Director John David Wicker. “We recognize the unprecedented situation we find ourselves in right now, but continue to recognize that Mission Valley and the new multi-use stadium is a project that will benefit the entire region for generations to come.”

The multi-use stadium will be located in the northwest corner of the Mission Valley campus site, which allows San Diego State to continue to use the existing SDCCU Stadium during construction of the new multi-use stadium.

The project is part of the larger SDSU Mission Valley Campus Master Plan approved by the Board of Trustees in January. The new campus will provide SDSU with the space to grow enrollment, expand research and innovation programs, and add much-needed housing for students, faculty, staff, and the general community, including affordable housing. The plan also creates a regional community river park.

SDSU continues to work with the city of San Diego toward a completed purchase and sales agreement.