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Billionaire Stan Kroenke supporting Midway Rising development

Billionaire sports team owner Stan Kroenke’s development group will be the chief investor for Midway Rising, the massive redevelopment of San Diego’s sports arena site.

Kroneke, owner of the Los Angeles Rams and Denver Nuggets announced last week that he will be the main investor in the plan to repurpose the 48.5-acre site.

“We believe in Midway Rising’s vision of a new arena district that excites, captivates and attracts both new and old visitors alike,” said Jason Gannon of the Kroenke Group.

The plan is to build 4,250 residential housing units and a new indoor sports arena.

The Kroenke Group will take control from the Midway Rising Development team, including developer Zephyr and affordable housing builder, Chelsea. The team will continue to work on the preliminary permitting needed prior to a final design being completed.

“The Kroenke’s Group’s investment will make it that much more certain that this project will actually come to fruition,” Mayor Todd Gloria said at a June 12 news conference. “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.”

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