The Golden State Warriors have formally acquired the 12-acre site of its future sports and entertainment complex in Mission Bay from Salesforce.

Environmental review is expected to be completed this fall. The team plans to open the new arena in time for the 2018-19 NBA season.

“The Warriors are making an unprecedented, $1 billion-plus investment in San Francisco,” president and COO of the Warriors Rick Welts said. “We’re the only sports team in America doing this all with private funds, on private land, with no public subsidy.”

The Warriors’ plan is unique in that it is the only completely privately financed arena or stadium in the U.S. over the past two decades.

“We’ve been the Bay Area’s team for more than 50 years, and this plan keeps us in the Bay Area for the next 50 and beyond,” Welts said. “If there were any lingering doubts about our commitment to Mission Bay, purchasing this land should put them to rest. We love this neighborhood - nobody else is getting this land.”