Midway Rising

What Midway Rising does

Midway Rising is a private real estate development consortium selected by the San Diego City Council in September 2022 to redevelop the 48-acre former San Diego Sports Arena site in the Midway District. The project is structured as a public-private partnership through a long-term ground lease with the City of San Diego, with no direct financial participation by the City or San Diego taxpayers. The development team comprises four core partners: Chelsea Investment Corporation (affordable housing), Legends (sports venue development and operations), Zephyr (market-rate housing), and The Kroenke Group (real estate investment). Funding is sourced from private debt financing, federal and state Low-Income Housing Tax Credits, and an Enhanced Infrastructure Financing District (EIFD).

The project delivers 4,254 apartment homes (2,000 affordable units for families earning 30–80% Area Median Income and 2,254 market-rate units), a 16,000-seat entertainment center, 130,000 square feet of retail and restaurant space, and 14.5 acres of parks and public space. Revenue mechanics, once operational, will span entertainment venue ticket sales and leases, commercial retail/restaurant leases, residential rental and sale income, and LIHTC-related funding streams. Programming extensions include childcare services, a healthcare facility, and a culinary arts training program embedded in the entertainment center.

The project is currently in pre-development. A Draft Environmental Impact Report was released in March/April 2025, and approval hearings before the San Diego City Council to certify the Final EIR and ratify the long-term ground lease are scheduled for Spring 2026. Ground-breaking is anticipated in 2026, with phased construction over a 10-year buildout. A legal dispute regarding cumulative traffic impact analysis emerged in March 2026, representing a regulatory risk to the timeline. There is no proprietary technology component; value creation is driven by land assembly, regulatory entitlements, public financing stacking, and the consortium's combined affordable housing, venue, and capital expertise.

Name

Midway Rising

Legal name

Midway Rising

Website

https://midwayrising.info

Company type

Private

Founded year

2021

Operating status

Operating

Short description

Midway Rising is a private development consortium selected by the City of San Diego to redevelop the 48-acre former Sports Arena site, delivering 4,254 homes, a 16,000-seat entertainment center, retail, and parks in a 10-year public-private partnership awaiting Spring 2026 City Council approval.

Ownership category

akta.pro rank

Product category

Mixed-Use Real Estate Development

NAICS

Arts, Entertainment, and Recreation (71), All Other Amusement and Recreation Industries (71399), All Other Amusement and Recreation Industries (713990)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Services-Amusement & Recreation Services (7900)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

akta.pro secondary industries

Multi-Sport Complexes & Community Sports Parks (MPAKAEAH), Community Development & Neighborhood Revitalization Housing Programs (FSALAKAO)

Keywords

• Mixed-use development
• Affordable housing
• Real estate development
• Entertainment venue
• Urban revitalization

Headquarters

HQ city

Solana Beach

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Infrastructure, Others

Revenue model

1. Entertainment Center Operations: Revenue from concerts, sports events, and live entertainment at the 16,000-seat venue operated by Legends (sports venue developer on the team). Revenue derived from ticket sales, venue leases to event organizers, and associated hospitality services.
2. Retail and Restaurant Leases: 130,000 square feet of shops and restaurants generating lease income from tenants in the mixed-use entertainment district.
3. Residential Rental and Sales Revenue: 2,000 affordable apartment homes and 2,254 market-rate apartment homes generating rental income or sales proceeds. Affordable homes targeted at families earning 30-80% Area Median Income.
4. Low-Income Housing Tax Credits: Federal, state, and local housing funding sources for affordable housing construction, including Low-Income Housing Tax Credits paired with various financing sources.
5. Private Debt Financing: Private financing for development construction costs. No direct financial participation by the City of San Diego or San Diego taxpayers.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Midway Rising is a public-private real estate development partnership that is redeveloping a 48-acre former sports arena site in San Diego's Midway District into a mixed-use district. The core offering comprises 4,254 apartment homes (2,000 affordable units for families earning 30-80% of Area Median Income and 2,254 market-rate units), a 16,000-seat entertainment center, approximately 130,000 square feet of shops and restaurants, and 14.5 acres of parks and public open space. The project is delivered through a long-term ground lease with the City of San Diego with no direct taxpayer funding.

Product overview

Midway Rising is a comprehensive real estate development project that combines multiple components into a unified mixed-use district: a 16,000-seat entertainment center (the anchor), approximately 4,254 apartment homes (2,000 affordable + 2,254 market-rate), a 130,000 sq ft entertainment and retail district with shops and restaurants, and 14.5 acres of parks and public space. The project spans 48 acres in San Diego's Midway District and is being developed by a partnership of Chelsea Investment Corporation, Legends, Zephyr, and The Kroenke Group.

Differentiator

Problem solved

Functional benefit

Products and services

• Midway Rising Affordable Housing 2,000 affordable apartment homes reserved for families and individuals earning 30-80% of Area Median Income, including senior, veteran, and supportive housing for individuals with disabilities. Delivered by Chelsea Investment Corporation as part of the master development.
• Midway Rising Market-Rate Housing 2,254 market-rate apartment homes delivered by Zephyr as part of the master development, integrated with the affordable housing, retail, and entertainment components.
• Midway Rising Entertainment Center A 16,000-seat state-of-the-art entertainment center operated by Legends, programmed for concerts, sports events, and live entertainment, replacing the former San Diego Sports Arena capacity.
• Midway Rising Entertainment District Approximately 130,000 square feet of shops, restaurants, and cafes curated as a walkable retail district integrated with the residential and entertainment components.
• Midway Rising Urban Park

Quantifiable outcome

• 2,000 affordable apartment homes for families earning 30-80% Area Median Income
• +4 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

25 partnerships are on record, tiered core and minor.

• Chelsea Investment CorporationcoreStrategic or Co-development Partner · 1 September 2022Affordable housing developer on the Midway Rising team, responsible for developing 2,000 affordable apartment homes for working families earning 30-80% Area Median Income. Part of the core development consortium selected by the City of San Diego.
• LegendscoreStrategic or Co-development Partner · 1 September 2022Sports venue developer responsible for the 16,000-seat entertainment center design, construction, and operations. Manages venue booking for concerts, sports, and live events. Part of the core development consortium.
• ZephyrcoreStrategic or Co-development Partner · 1 September 2022Market-rate housing developer on the Midway Rising team, responsible for developing 2,254 market-rate apartment homes. Part of the core development consortium.
• YMCA of San Diego CountyminorGTM or Marketing PartnerCommunity organization supporting Midway Rising through the Rise Up coalition, advocating for project approval and community benefits.
• San Diego Regional Chamber of CommerceminorGTM or Marketing PartnerMajor business organization supporting the Midway Rising project for economic development and job creation benefits to the region.
• San Diego Regional EDC (Economic Development Corporation)minorGTM or Marketing PartnerRegional economic development organization supporting Midway Rising for its economic impact and job creation contributions.
• LIUNA Local 89minorGTM or Marketing PartnerLabor union representing construction workers supporting the project for job creation and worker benefits.
• Unite Here! Local 30minorGTM or Marketing PartnerLabor union representing hospitality workers supporting the project for job creation in hospitality sectors.
• San Diego & Imperial Counties Labor CouncilminorGTM or Marketing PartnerRegional labor federation supporting Midway Rising for worker benefits and employment opportunities.
• IATSE Local 122minorGTM or Marketing PartnerLabor union representing entertainment industry workers supporting the project.
• IBEW Local 569minorGTM or Marketing PartnerElectrical workers union supporting the project for construction jobs.
• Teamsters Local 542minorGTM or Marketing PartnerLabor union supporting the Midway Rising project.
• San Diego Building and Construction Trades CouncilminorGTM or Marketing PartnerBuilding trades council supporting construction phase employment.
• Father Joe's VillagesminorGTM or Marketing PartnerNonprofit affordable housing provider supporting the project for housing vulnerable populations.
• Southern California Housing CollaborativeminorGTM or Marketing PartnerHousing advocacy coalition supporting affordable housing development.
• Urban Corps of San Diego CountyminorStrategic or Co-development PartnerPartnership with Urban Corps for sustainability and workforce development. Expands career opportunities for underserved young adults and implements community improvement services ensuring clean, safe neighborhood for future residents.
• YIMBY DemsminorGTM or Marketing PartnerYIMBY (Yes In My Backyard) advocacy organization supporting housing development and affordable housing.
• Veterans Village San DiegominorGTM or Marketing PartnerNonprofit supporting veterans through housing and services, advocating for the project.
• Pacific Southwest CDCminorGTM or Marketing PartnerCommunity development corporation supporting the project for community benefits.
• Serving SeniorsminorGTM or Marketing PartnerNonprofit organization serving seniors supporting the project.
• Childcare Services ProviderminorStrategic or Co-development PartnerForming partnership to ensure access to safe and enriching childcare services for residents of the new community, with focus on working families that will call Midway Rising home.
• Healthcare Facility ProviderminorStrategic or Co-development PartnerForming partnership to support health and wellbeing of local families, seniors, veterans, and those with disabilities by exploring a dedicated healthcare facility within the new community.
• Culinary Arts Training Program PartnerminorStrategic or Co-development PartnerPartnership to foster employment opportunities through a culinary arts training program embedded within the new entertainment center, providing hands-on training in hospitality sectors.
• San Diego GullsminorOthersProfessional sports team that may use the new entertainment center for home games and events.
• San Diego SealsminorOthersProfessional sports team that may use the new entertainment center for home games and events.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Oak View Group: Sports and entertainment venue developer and operator building next-generation arenas including Climate Pledge Arena and UBS Arena. Closely comparable to Midway Rising's 16,000-seat arena component and entertainment-led real estate strategy.
• Legends Hospitality: Sports venue development and operating partner on Midway Rising; independently develops and operates hospitality, venue, and entertainment destinations globally. Comparable as a sports-anchored mixed-use developer and operator, the same role it plays within the Midway Rising consortium.
• Steiner + Associates: Developer of Easton Town Center (Columbus) and other mixed-use entertainment-anchored districts combining retail, dining, office, residential, and public space. Highly comparable in entertainment-led district master planning.
• The Kroenke Group: Real estate investment partner on Midway Rising and owner of sports franchises and large mixed-use developments including SoFi Stadium/Los Angeles Stadium development. Comparable as a real estate + sports anchor platform; relevant both as a partner and as an independent peer.
• The Cordish Companies: National developer of large-scale mixed-use entertainment districts (e.g., Kansas City Power & Light, St. Louis LIVE, Baltimore's Inner Harbor). Comparable in combining entertainment venue anchors, residential, retail, and public space within a single development, and is the closest analog to Midway Rising's integrated entertainment-led master plan.

Broad incumbents

• Lendlease: Global developer of large mixed-use and master-planned communities (e.g., Elephant & Castle, Barangaroo). Comparable through urban mixed-use delivery at scale and public-private partnership experience.
• Brookfield Properties: Owner/developer of large mixed-use and master-planned districts including Manhattan West and Brookfield Place. Comparable in mixed-use scale and urban infill development, though typically without the affordable-housing mission-driven dimension.
• AEG (Anschutz Entertainment Group): Owner/operator of sports teams and major entertainment venues (Crypto.com Arena, T-Mobile Arena, Coachella). Comparable through integrated real estate + live entertainment strategy, including AEG's mixed-use district projects adjacent to its venues. Larger and more diversified than Midway Rising.
• Related Companies: National developer of large-scale mixed-use projects (Hudson Yards, The Related Santa Monica, CityCenterDC). Comparable through mixed-income housing + commercial + public realm integration at urban infill scale, though typically fee-simple rather than ground-lease structure.

Others

• City of San Diego (Peirce infrastructure EIFD model): Public counterparty enabling the EIFD and ground lease structure. Comparable as the precedent for California Enhanced Infrastructure Financing District formation around large mixed-use developments, though as a public-sector enabler rather than a private developer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/midwayrising
• Instagraminstagram.com/midwayrising
• Xx.com/MidwayRising

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Midway Rising