San Diego State University would pay more than $88 million for 135 acres of Mission Valley land that includes SDCCU stadium under a deal approved conceptually by the San Diego City Council May 29.

Voters approved the sale more than 18 months ago.

SDSU hopes to break ground for a 35,000 seat stadium on the site August.

The $3.5 billion project, to be built in phases over 15 years, also would include 4,600 housing units with 10 percent of them set aside for low-income households, 80 acres of parks and open space, 1.6 million square feet of office and research space, 400 hotel rooms, 95,000 square feet of retail space and 13,192 parking spaces.

The agreement also requires the construction of a 34-acre city-owned river park at the university’s expense.

SDSU President Adela de la Torre, in a prepared statement, said the project “will be a true revitalization of public land in all aspects of the plan.”

Mayor Kevin Faulconer said in a statement that negotiations over the deal “created a final product San Diegans can be proud of.”