Warriors formally purchase Mission Bay site

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Editor’s note: A previous version of this story was a lightly edited press release issued by the Golden State Warriors. The story is now written by a Chronicle staffer.

The Golden State Warriors finalized plans to purchase a 12-acre parcel of land in San Francisco’s Mission Bay neighborhood on Monday, clearing another hurdle in their efforts to build a sports and entertainment complex in the city.

Although the purchase price for the land was not reported publicly, team President Rick Welts did characterize the arena project as a “$1 billion-plus investment in San Francisco,” in a press release.

The finalization of the land purchase does not come as a surprise. The team had made public its plans to buy the property back in 2014, when they agreed in principal to buy the land from the software firm Salesforce.

The Warriors hope to have the arena up and running in time for the 2018-19 NBA season. A group of wealthy donors to the adjoining UCSF hospital facility oppose the project, citing traffic and parking concerns.