San Diego City Council Approves $4.2 Billion Midway Rising Project, Featuring Largest Affordable Housing Development
The San Diego City Council has approved the $4.2 billion Midway Rising project, a significant overhaul of the city's Midway District. This development, led by billionaire Stan Kroenke, will replace the existing Sports Arena with a new 16,000-seat arena and introduce 4,224 housing units, with 2,000 designated as affordable. This makes it the largest affordable housing project on public land in state history. The plan also includes 130,000 square feet of retail space, a 15-acre park, and $460 million in infrastructure improvements. The city will forgo major lease payments for the 49-acre parcel, instead receiving a portion of ticket sales until the new venue is complete, after which the Midway Rising team will retain ticket revenue to cover arena costs. The Independent Budget Analyst estimates the city will collect between $38.1 and $68.5 million in combined arena and development revenue over the 105-year deal, not accounting for inflation.
