San Diego City Council gives the green light for negotiations to take place regarding the redeveloping of Sports Arena site.
On Tuesday, City Council approved this step with developers who will revamp up to 50 acres of the Midway Rising District, which includes an updated Sports Arena area.
With this agreement for the Midway Rising project, the City of San Diego has a pair of years(with an additional one year option if needed), to negotiate with housing partners Zephyr Partners, Chelsea Investment Corp. and Legends Global on the matter.
Tuesday's decision by City Council is not a green light to a real estate transaction with any taxpaying dollars, according to Cocuncilman Joe LaCava, but rather a big step for this lengthy process before construction workers begin breaking ground in the future.
Mayor Todd Gloria called this decision a big step forward for the revitalization of the Midway District, which will include a proposal of 4,250 new homes — 2,000 affordable, 250 middle-income, and 2,000 market rate; a 450,000 square foot arena, a 200-room hotel, and a park of over 11 acres along with a place of over 9 acres.
“Today’s approval is a major step forward in our goal of revitalizing the Midway District with much-needed affordable homes along with a world-class entertainment venue and great amenities for the community,” San Diego Mayor Todd Gloria said. “The Midway Rising team has not only the most compelling vision for re-using the site, but also the experience and financial wherewithal to execute.”
Bill Rhoda, a project development executive with Legends Global, said that the Midway Rising project team expresses their gratitude to the City of San Diego for allowing this big step in this monumental process to take place Tuesday.
“The Midway Rising team is grateful to the San Diego City Council for voting to move forward with Mayor Gloria and city staff’s recommendation,” said Bill Rhoda, a project development executive with Legends. “We are committed to delivering an inclusive, affordable and economically vibrant community that includes 2,000 affordable homes, 20 plus acres of new parks, 8,500 jobs for working families, and a modern sports arena for all San Diegans.”
