“Hoping to speed along a San Jose Earthquakes soccer stadium threatened by the cratering economy, city officials have agreed to shave more than $40 million off a land deal signed last year with team owner Lew Wolff and his partners.”

Via MercuryNews

“The original, no-bid deal, in which a soccer stadium would be built alongside thousands of square feet of hotel, retail and office space, was unanimously approved by the council in May. Wolff, who also owns the Oakland A’s, and his partners — including prominent valley builders Deke Hunter and Ed Storm — were given until 2010 to pay the bulk of the sale price.

But that was only months before the national economy fell into a tailspin, freezing credit markets, stalling construction projects nationwide and sapping land values. A city appraisal in December found the stadium site had lost about a third of its value, and late last year the developers warned city officials the project would no longer add up.

The new terms would clear the way for work on the 15,000-seat facility stadium to begin on a 14-acre slice of the site first. The partners would wait for the economy to rebound before developing the remaining 50-plus acres for other uses. Approval (is) likely.

The soccer team, which currently plays at Santa Clara University’s Buck Shaw Stadium, would likely move into the new stadium in 2012 or 2013, team officials said Monday.”

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