Sports and real estate mogul Stan Kroenke has agreed to foot the bill for the City of San Diego's Midway Rising redevelopment project, significantly easing the taxpayer's burden. Why is this such a big deal? KUSI's RaferWeigel explains. More info:
SAN DIEGO – A major development in the City of San Diego’s Midway Rising project was announced on Monday.
Sports and real estate mogul Stan Kroenke agreed to fund the project, potentially streamlining it to fruition and ensuring that tax payers wont have to foot the bill. Kroenke, who owns the Los Angeles Rams and other sports franchises, rarely makes a bad deal which is why local leaders are hailing his backing as a great sign for San Diego.
Midway Rising’s plan calls for over 4,000 residential units, a 16,000 seat arena, a 200 room hotel and 20 acres of plaza an dpark space. Mayor Gloria believes the stan out feature is the 2,000 affordable housing units for working class families, seniors, veterans, and even the homeless. The new sports arna will spurn speculation of another sports franchise coming to town, the logic being “if you build it, they will come”.
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