SAN DIEGO — Billionaire sports team owner, Stan Kroenke's development group announced on Monday, June 12, that it will be the chief investor for the massive redevelopment of San Diego's Sports Arena site, known as Midway Rising.
Kroneke, who owns the Los Angeles Rams and the Denver Nuggets professional football and basketball team, will be the main investor in repurposing the 48.5-acre site which will be home to an estimated 4,250 residential housing units as well as a new indoor sports arena.
The Kroenke Group will take control from the Midway Rising Development team, comprised of developer Zephyr, sporting arena management group, Legends, and affordable housing builder, Chelsea.
The transition comes less than a year after Mayor Todd Gloria selected the Midway Rising Project over two other applicants. However, questions over the viability of the Midway Rising team arose during the city's selection process.
"The Kroenke's Group's investment will make it that much more certain that this project will actually come to fruition," said Mayor Gloria at a June 12 news conference.
Added Gloria, "This is a major milestone in the process of reclaiming this space for the people and the Midway community. This is more evidence that the city of San Diego is a city on the rise. There's no question that we are a city worthy of investment."
Jason Gannon of the Kroenke Group agreed with the Mayor's assessment.
"We believe in Midway Rising's vision of a new arena district that excites, captivates and attracts both new and old visitors alike," said Gannon.
The newly configured Midway Rising team will continue to work on the preliminary permitting needed prior to a final design being completed.
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