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San Diego approves massive Midway Rising development project
3 days ago
The San Diego City Council on Monday has “agreed to trade its sprawling sports property” in the Midway District for desired public benefits after it “took all the actions required to approve the complex Midway Rising transaction” following a “marathon meeting that extended for more than seven hours.” The city leaders “unanimously voted to approve” a 105-year lease and redevelopment deal for the 48.5-acre property with master developer Midway Rising. The development team is planning to build 4,254 residential units, a 16,000-seat replacement arena and more commercial space, parks, plazas and public space. Midway Rising is composed of market-housing builder Zephyr, affordable housing developer Chelsea Investment Corp., and sports-and-entertainment venue operator Legends. The Kroenke Group, a subsidiary of billionaire Stan Kroenke’s real estate firm, is the entity’s lead investor and limited partner. The city’s timeline is “structured around a 2029 construction start date.” The project is “expected to be completed in its entirety by 2050,” according to the city’s phasing plan (SAN DIEGO UNION-TRIBUNE, 11/9).
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