Warriors Arena Update

The team announced Oct. 12 that it has formally purchased a 12-acre lot of land in the city’s Mission Bay district. It’s the latest positive step for the team as it looks to overcome all the political hurdles that come with building a professional sports venue in California, according to Forbes.

In announcing the deal, Warriors COO Rick Welts, who is in charge of the arena project, said, “The Warriors are making an unprecedented, $1 billion-plus investment in San Francisco.”

“We’re the only sports team in America doing this all with private funds, on private land, with no public subsidy.”

UCSF officials recently reached a deal with the city and the NBA team about traffic mitigation, a major concern for the university’s medical facilities nearby.

The agreement calls for a $10 million Mission Bay Transportation Improvement Fund, to be dedicated to traffic control in the area, especially when there are events at the arena. In addition to paying for extra traffic cops, dedicated traffic lanes will be created for vehicles headed to the UCSF hospital. Funds for the plan, which must be approved by the S.F. Board of Supervisors, will come from revenues from the proposed $1 billion, 18,000-seat arena once built.

An environmental impact report on the project is scheduled for later this year, Forbes said.