SAN DIEGO (KGTV) – Billionaire Stan Kroenke, the owner of the Los Angeles Rams, Colorado Avalanche, and Denver Nuggets, has joined the Midway Rising group as the lead investor in the project to redevelop San Diego's Midway District and the Sports Arena area.
Jennifer Van Grove of the San Diego Union-Tribune first reported on Monday that Kroenke would join the group and become Midway Rising's majority investor and limited partner.
San Diego Mayor Todd Gloria stated in a press release, “Today’s announcement of The Kroenke Group’s addition to the Midway Rising team underscores that San Diego is a world-class city that can attract significant investment in projects and enterprises that elevate the community for all our residents. I’m proud to welcome The Kroenke Group to San Diego and am looking forward to seeing the sports arena property’s transformation into a place for San Diegans to live, work and play.”
“The Midway Rising project will continue growing our investment in the Southern California region and we appreciate the City’s confidence in our joint vision with the existing project partners. This project is an incredibly exciting opportunity for The Kroenke Group to make a profound impact in San Diego, and it lays a foundation for our future investment in the community,” said Jason Gannon of The Kroenke Group.
In September 2022, the Midway Rising group was selected by the San Diego City Council to redevelop about 50 acres in the Midway District and the Sports Arena area.
City News Service reported Midway Rising’s initial plans include 4,250 new homes -- 2,000 affordable, 250 middle-income, and 2,000 market rate; a 450,000-square-foot arena with capacity for 14,500-16,500 people; a 200-room hotel and 250,000 square feet of retail and more than 11 acres of park and open space along with a 9.4-acre public plaza.
Kroenke’s addition to the Midway Rising group will provide firm stability to the financial aspect of the project, but it is also expected to raise the profile of the development and spark speculation on the possibility of another professional sports franchise calling San Diego home.
In addition to the Rams, Avalanche, and Nuggets, Kroenke also owns pro soccer teams Arsenal FC and the Colorado Rapids.
The 76-year-old has a reported net worth of $12.9 billion, according to Forbes.
