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 yesterday 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 privately financed. Kaval said, “We now understand what the specifications of the stadium can be and what we can use it for. 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 (Fred Dreier, SportsBusiness Journal). Horwedel said that “a few residents concerned about noise are considering an appeal.” In San Jose, Elliott Almond notes Earthquakes officials “have agreed to meet quarterly with residents to try to solve any stadium-related issues once the project is done.” The team plans “to hire a firm to draw up blueprints and begin construction, perhaps early next year” (SAN JOSE MERCURY NEWS, 12/15).
LONG-TERM RELATIONSHIP: In Houston, Jose De Jesus Ortiz reports before having their groundbreaking ceremony last February, the Dynamo “received a $20 million loan from BBVA Compass.” A little more than 10 months after they “secured that loan with BBVA, the organizations furthered their relationship by announcing a 10-year, $20 million naming rights deal” yesterday. BBVA Compass President & CEO Monolo Sanchez said that the bank now ranks “fourth in Houston.” Sanchez: “Brand awareness is important for us. We think that this stadium will give us better recognition in the market" (HOUSTON CHRONICLE, 12/15).
