The odds that San Diego's Midway Rising project, a 48-acre, mixed-use redevelopment on city-owned land, will get built just increased exponentially: billionaire sports and real estate mogul Stan Kroenke has inked a letter of agreement with the city to take a 90% stake in the project.
Kroenke brings more than financial firepower to the plans to redevelop the Midway District, which includes the Midway sports arena, and replace the aging sports venue with 4,250 residential units, a new 16K-seat arena, a 200-room hotel and 20 acres of plaza and park space.
His position as the top stakeholder also makes it much more likely that the new arena will be able to attract a successful professional sports franchise.
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