San Diego Council Approves $4.2 Billion Midway Rising Redevelopment

Overview

• The City Council voted to approve the Midway Rising package on Monday, Nov. 9, moving forward with land-use, zoning and the first step to form an Enhanced Infrastructure Financing District.
• The plan calls for a new 16,000-seat arena, 4,224 total housing units including 2,000 affordable homes, about 130,000 square feet of retail and roughly 15 acres of parks in the Midway District.
• Under the deal the city will keep ownership of the 48–49 acre site but enters a 105-year lease that forgoes major near-term lease payments in exchange for long-term revenue and development commitments.
• The financing relies on an EIFD to reimburse roughly $460 million in infrastructure work and the city’s Independent Budget Analyst estimates lifetime direct revenue to the city of about $38.1 million to $68.5 million under current assumptions.
• Opponents pressed environmental and safety concerns about flooding and an old landfill while city leaders and the developer pledged phased construction and a guarantee that the existing arena will not be demolished until the new venue is ready; next steps include EIFD formation, permitting and multi‑phase construction that could span years.