A local real estate and finance firm is pitching a plan to city and county officials to convert Qualcomm Stadium into a $2.2 billion sports, entertainment, residential and commercial development that would include a new Chargers stadium and an arena.

The plan is to convert Qualcomm into a sports arena by renovating and enclosing it. It would become the home of a professional basketball or hockey team and would host concerts and trade shows, according to a proposal by CB Richard Ellis Capital Markets Debt and Equity Finance.

"This would create a world-class sports and entertainment destination for San Diego," said Jeff Rice, senior financial analyst for CB Richard Ellis, who developed the plan over four years. "It would be a place that could host Super Bowls, soccer championships, major concerts and trade shows."

City and county officials said yesterday that they have not had time to analyze the plan.

Ellis said developing the property could generate millions for the city in annual hotel room, property, sales and other taxes. The city currently operates the stadium at an annual deficit of about $10 million.

The proposal includes about 20 projects at the 166-acre Qualcomm Stadium property that would be built in phases over about 20 years. They include four hotels, office buildings with retail space, 1,500 apartments, student housing, three parking garages, a shopping center, a 16-acre park and an electronic display similar to Times Square in New York City.

The Chargers and the National Football League would pay most of the costs for the new stadium, with the city and county pitching in $50 million each in bond financing for a $600 million facility - a cost the Chargers believe is low. The city also would be expected to contribute an additional $50 million in bond financing for a $190 million arena.

Rice, a San Diego State University graduate, said he began researching the proposal because he feared his alma mater would not have a place to play football if the Chargers developed a stadium in another city. He said the plan was developed independently of a group of businessmen who have been working on their own stadium development plan for the Qualcomm site.

He said the plan is "fiscally responsible" and should be considered by the city if it wants to make money at the Mission Valley site.

"If the mayor doesn't deem that this plan has enough merit to pursue it, then what can you do?" Rice said. "It's pretty much a dead issue."

Some elements of the Ellis proposal are similar to a development plan that the Chargers proposed for the Qualcomm Stadium site in 2003. But the Chargers wanted to build more than 6,000 condos, which would have required the city to give the team ownership of the acreage where the housing was built. Team executives abandoned that plan in early 2006.

The Chargers are now evaluating two sites in Chula Vista and one in Oceanside for a new stadium. A group of businessmen, including members of the San Diego Regional Economic Development Corp., were working on a Qualcomm Stadium development option in case efforts failed in Chula Vista and Oceanside. But they say the focus should now be on the two Chula Vista sites that were identified as best suited for a stadium in a study released last week.

Under the Ellis plan, the real estate firm would oversee the deal and bring in a master developer to organize the project. Separate developers would handle parts of the plan after entering into long-term leases with the city. Once the debt was retired on any project within the development, the developer would have the right to negotiate with the city to buy that portion of the property.

The Chargers have met with Rice about his plan but aren't optimistic.

"The basic fact is that a project of this magnitude is unlikely to move ahead in a city like San Diego, where you have an indifferent mayor and an openly hostile city attorney," Fabiani said.

Mayor Jerry Sanders has a copy of the proposal but has not had time to review it. City Attorney Michael Aguirre said he had not read it, nor had Councilwoman Donna Frye, whose district includes Qualcomm Stadium.

A spokesman for county Supervisor Ron Roberts said he had not read it.

Supervisor Dianne Jacob said she had not seen the proposal, but she supports a new stadium at the Qualcomm site as part of a "world-class sports complex." Her idea includes youth sports facilities, trails, parks and housing and educational facilities for SDSU.