Proof that San Jose is on a growth trajectory is Microsoft’s purchase last year of 65 undeveloped acres in the northern part of the city for $73 million.
SAP Center can take some credit for that. It helped start a revitalization in the heart of the city when it came to town.
“We’re located in downtown San Jose and considered a driver of downtown’s resurgence,” said Jim Goddard, executive vice president, governmental affairs. “The street scene and restaurants have grown since we opened in 1993.”
According to a 2016 article in the Silicon Valley Business Journal, each game played by the NHL’s San Jose Sharks at the arena is estimated to contribute $2 million to the local economy in both direct and indirect spending outside the walls of SAP Center.
“That figure is estimated to have grown in the last two years,” said John Tortora, co-president of the Sharks.
In addition to a record number of concerts, SAP Center is hosting the NHL All-Star Game weekend in January, which is expected to mean 7,500 to 10,000 local hotel rooms booked for the three-day event.
“We average more than 150 events per year,” Tortora said. “We have national-level events that bring tourists from all over America to San Jose; the impact on the city is real.
“With the city’s economic development project, the economic impact of SAP Center has been $4 billion in just the last 10 years.”