Do you remember when Petco Park was built? When the Padres play, downtown is swamped with fans, so has it been good for San Diego economy?
A resounding YES!
Developing Petco Park cost $300 million but it has brought in a 7.6 percent return.
While other cities in the US are faltering with the economy, San Diego has been doing well overall. The sun, tourism, and sports are keeping the San Diego economy going and Petco has been a big help.
The ballpark and surrounding 26 block district has generated more than $207 million in net new tax revenue including sales, property, and transient occupancy taxes.
What else?
Well, there has been more than $1.2 billion in new spending by visitors and the stadium's presence has also created 19,230 jobs and payrolls surpassing $783 million.
This turns out to be more than just a ballpark for us, Petco has exceeded expectations.
This study comes as city leaders are discussing whether or not to build a new stadium for the National Football League's San Diego Chargers possibly on downtown land east of Petco Park.
Further studies have shown that the ballpark has brought in more than 3,500 residential units, 957 hotel rooms, and about 610,000 square feet of commercial space has been constructed and opened surrounding Petco Park.
There are other upcoming projects including a new civic center, convention center expansion, and proposed football stadium that will have a favorable impact on the entire region.
The bottomline, we're lucky to live in San Diego:)
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