Defending NBA champions Golden State Warriors announced on Monday that the franchise has formally purchased the 12-acre Mission Bay site in San Francisco.
The Warriors plan on building a sports and entertainment complex on the lot, having purchased an option on the private property in 2014 and having spent the past year and half finalizing the public planning process, according to NBA.com. If everything goes according to schedule, the arena will be open in time for the 2018-19 season.
Currently, the Warriors play at Oracle Arena in Oakland.
“The Warriors are making an unprecedented, $1 billion-plus investment in San Francisco,” Rick Welts, President and COO of the Warriors, said in a statement. “We’re the only sports team in America doing this all with private funds, on private land, with no public subsidy.”
In addition to serving as the new home to the Warriors, the new arena will also become a major entertainment venue for the city of San Francisco. According to Forbes, San Francisco is the only one of the 25-most populated cities in the U.S. without an indoor entertainment venue capable of seating more than 12,500 patrons.
“We’ve been the Bay Area’s team for more than 50 years, and this plan keeps us in the Bay Area for the next 50 and beyond,” Welts said. “If there were any lingering doubts about our commitment to Mission Bay, purchasing this land should put them to rest. We love this neighborhood – nobody else is getting this land.”