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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
