San Diego officials to consider $4.2B Midway Rising redevelopment deal

The San Diego City Council’s Land Use and Housing Committee is set to consider a development agreement for the Midway Rising project, a massive $4.2 billion mixed-use redevelopment of the city-owned Sports Arena site.

Led by developer Stan Kroenke, the project includes a new 16,000-seat entertainment arena, 4,254 housing units—of which 2,000 are designated as affordable housing—retail space, and significant infrastructure and park improvements. The development is expected to take approximately 20 years to complete.

The financial structure involves a trade-off where the city forgoes immediate rental payments and ticket revenue for the first decade in exchange for large upfront investments in infrastructure and affordable housing. The city expects to recoup revenue long-term through a share of market-rate housing rents, retail income, and arena ticket fees under a 105-year lease. The project recently cleared regulatory hurdles following state legislative action regarding environmental review processes.