City Manager Erik Walsh and Chief Financial Officer Ben Gorzell told reporters at a closed-door meeting Wednesday that the $4 billion Project Marvel downtown sports and entertainment district will be less sweeping than first promised. Gorzell said the city will not be able to expand the convention center, build an arena and make a major renovation to the Alamodome all at once. City staff cited rising interest rates, labor costs and material prices.
The city's planned Alamodome renovations, once estimated at $1 billion, have been revised to $125 million over the next decade, according to the briefing. The proposed land bridge over I-37 is now planned as a pedestrian and bicycle bridge, though the city has not ruled out replacing it with a land bridge if federal funding becomes available. Last month, the city chose not to move forward with an $85 million Alamodome parking garage because of budget limits.
In a statement, Walsh said the city must balance urgency with due diligence on the project. He said the city hopes to begin seeking proposals for the convention center expansion in 2027. Separately, real estate developer Weston Urban said its plans for a minor league baseball stadium near downtown are also uncertain because of rising costs and interest rates.