A new analysis commissioned by the Midway Rising development team and authored by San Diego Regional Economic Development Corporation (EDC) estimates the Midway Rising redevelopment in San Diego’s Midway/Sports Arena neighborhood will have a $285-million direct annual economic impact, equivalent to hosting another San Diego Comic-Con. The $3.9-billion project will remake the nearly 60-year-old, city-owned Sports Arena facility and surrounding parking lot in the Midway neighborhood, and includes 4,250 new homes, a new 16,000-seat arena and 130,000 square feet of retail.
“This project is more than just a redevelopment—it’s a long-term investment in San Diego’s future,” said Mark Cafferty, president & CEO of San Diego Regional EDC. “As our region and state grapple with a dire affordability crisis, Midway Rising promises meaningful and accessible housing options, as well as a world-class tourism and entertainment hub that will add jobs.”
Selected by the city in late 2022, the Midway Rising team includes affordable housing developer Chelsea Investment Corporation, sports venue developer and operator Legends, market-rate housing developer Zephyr and The Kroenke Group. Midway Rising is anticipated to break ground in late 2026, pending City Council approval later this year.
The post Regional EDC Sees $285M Annual Economic Impact from Midway Rising Project appeared first on Connect CRE.