Yahoo Sports reported that the Warriors acquired the land located at the Mission Bay neighborhood for their planned 18,000-seat arena.

It added that the vacant lot was bought from Salesforce.com, a cloud computing company for about $150 million, as per Mercury News.

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

It was added in the Yahoo Sports report that the University of California San Francisco (UCSF), which runs the hospital complex in the locality, has expressed its support for the project after a traffic plan was agreed and finalized. This $40-million project reportedly includes "transit improvements to reduce congestion on game days."

"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. 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," added Welts.

Meanwhile, NBA.com revealed that the NBA 2015 champs purchased an option on the property a year ago and that they spent most of the time until now for the planning process of the structure.

"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," added the same report.

The new project promises easy access for people as it is reportedly built on "a major metro rail line with links to BART and other mass transit options.

According to NBA.com, this new arena of the Warriors is also expected to bring in a lot of revenues for San Francisco in the years after it has been constructed.

When completed, the structure will be an indoor venue in San Francisco for NBA basketball games and other events like concerts, shows and conventions.

"The 18,000-plus seat arena will anchor 12 acres of restaurants, cafes, offices, public plazas and other amenities the neighborhood currently lacks, and will trigger the development of a 5-acre public park on the waterfront," noted NBA.com.

Mercury News, however noted that some UCSF scientists have expressed opposition on the planned arena in a letter to San Francisco Mayor Ed Lee

"Our major fear is that the Mission Bay site will lose its appeal -- not only for the new biomedical enterprises that the city would like to attract here, but also for most of its current occupants," the correspondence read as quoted by Mercury News.