Developers for the project known as “Midway Rising” provided City of San Diego Councilmembers a project update on Tuesday.
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Midway Rising is proposing 4,250 new homes, which includes 2,000 affordable, 250 middle-income and 250 market rate units.
The development will also include a new 16,500 seat arena, a 200-room hotel, a park and retail space.
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During the update, the developers said they fulfilled their promises under the exclusive negotiation agreement.
Included in the agreement, the developers submitted a $100,000 good faith deposit, $70,000 non-refundable negotiation payment, $5,000 license fees and a community engagement plan.
“We are so excited that we are going to be able to refurbish the Midway area,” Councilmember Jennifer Campbell said.
Some city councilmembers call the proposed development major for the community.
“It is going to be a game changer for the Midway community,” Councilmember Joe LaCava said.
The Developers of Midway Rising will hold an informational workshop on May 18. Then, they'll be back at City Hall in June to provide another update on the project to councilmembers.
