Considering the harsh reality of a slumping real estate market, the San Jose City Council unanimously agreed to cut $43 million from a land deal in hopes of keeping alive plans for the construction of a new soccer stadium for the San Jose Earthquakes.
Under the new agreement, team owner Lew Wolff and his partners will now pay $89 million for 65 acres of land near the airport — instead of as much as $132 million — and are pledging to build a $50 million to $60 million stadium in the next two to three years. The proposal also clears the way to develop the rest of the land into offices and retail space. Without the revised deal, the developers warned they would walk away from the project.
“This is the perfect time to do this,” said Councilwoman Nancy Pyle. “First of all, it brings back our beloved Earthquakes,” who currently play at Santa Clara University’s Buck Shaw Stadium.