Development team selected to remake San Diego's sports arena site blame sewer line and ballooning interest rates for necessitating changes to its proposal
An aerial view of San Diego’s 48-acre sports arena site in the Midway District, which is bordered by Interstate 8 and the San Diego River, top, and commercial development.
“You’re telling us that this venture that has two billionaires at the helm, who between them own four or five national sports franchises, can’t figure out how to build 250 middle-income housing units for us?” said Councilmember Marni von Wilpert. “We have a homelessness crisis. We have an affordability crisis. We picked your team because we believed you. You have billionaires at the helm, please figure this out and put the 250 units back in and help us get what we deserve for our property.
The Midway Rising team comprises market-rate housing developer Zephyr, sports-and-entertainment venue operator Legends and affordable housing builder Chelsea Investment Corp. In June, a subsidiary of billionaire Stan Kroenke’s real estate firm The Kroenke Group took a 90 percent ownership interest in the Midway Rising entity.
Most significantly, the development team says it is no longer feasible to build 250 residential units for middle-income families, as previously envisioned. Instead, the team will build market-rate units. The middle-income housing type, which is distinct from affordable housing, includes units deed-restricted for families making between 80 percent and 120 percent of the area median income.
Some council members also questioned the development team’s decision to scrap its hotel, a change that von Wilpert said eliminates jobs for unionized hospitality workers. While most council members expressed disappointment in the project changes, they said their main priority continues to be the 2,000 affordable housing units promised by Midway Rising. Some even acknowledged that changes were to be expected.
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