SBD/Closing Bell

Earthquakes Win Approval From San Jose For New Soccer Stadium

The MLS Earthquakes have cleared one of the final hurdles in the approval process for a new soccer-specific stadium. San Jose Dir of Planning, Building & Code Enforcement Joseph Horwedel approved the team’s Planned Development Permit today after team officials presented plans for the proposed 15,000-seat stadium near downtown San Jose. City officials have 10 days to appeal the approval. Earthquakes President David Kaval said the permit allows the club to finalize the stadium’s final price tag and financing structure, as well as its design. Currently the stadium is estimated to cost $60M and will be financed privately.

“We now understand what the specifications of the stadium can be and what we can use it for,” Kaval said. “We can use it as a baseline to make [financing and cost] decisions.” Since September, Kaval has met with concerned residents who fear the stadium’s noise and traffic will disrupt the local community. Kaval said the team agreed to sacrifice concerts at the stadium to address concerns. “We’re closer now than we’ve ever been,” he said.
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