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SAN DIEGO – San Diego State University officially took over ownership of the SDCCU Stadium site in Mission Valley on Thursday, marking another step forward in a historic redevelopment effort.

City Council approved the purchase agreement in June to sell some 135 acres of land in Mission Valley to SDSU for about $88 million, a deal signed by Mayor Kevin Faulconer on Aug. 6. It is a $3.5 billion project expected to take more than a decade to fully come to fruition.

The university plans to construct a 35,000-seat stadium on the land — expected to be completed by fall 2022 — as well as building out a satellite campus, commercial and residential units and a 34-acre park along the San Diego River.

SDSU has scheduled a groundbreaking ceremony for 10:30 a.m. Monday to celebrate its acquisition. Because of the pandemic, the ceremony won’t be open to the general public, SDSU said.

“I’m so happy knowing the future of this land is finally set — a place where education, athletics and recreation thrive side by side,” Faulconer said in a tweet Thursday.

Local voters cleared the way for the deal by passing Measure G in November 2018, beating out another plan — the so-called SoccerCity initiative, which was known as Measure E. 55 percent of voters approved of the SDSU West plan; just 30 percent approved of SoccerCity.

In a joint statement in June, Faulconer and SDSU President Adela de la Torre said in a statement that the project “will create thousands of jobs and strengthen our regional economy.”

“It will also support many of the City’s goals by creating more housing, including affordable housing; enhancing mobility options with new bike and pedestrian paths; increasing transit use; and improving the quality of life for all San Diegans through the creation of a world-class river park,” they said.