Major Stan Kroenke announcement made as Arsenal owner strikes huge agreement

Arsenal news: Stan Kroenke has continued his desire to invest in real estate with another multi-billion agreement in San Diego

Arsenal owner Stan Kroenke has reportedly extended his real estate portfolio by joining the Midway Rising group as the lead investor in the project to redevelop San Diego's 48-acre sports arena site.

The Kroenke Group, Kroenke's real estate company, will take a hands-on approach to the project that will see a thousands of jobs produced. Midway Rising's plans include producing over 4,000 new homes, a 450,000-square-foot arena that will hold between 14,500-16,500 people, a 200-room hotel and 250,000 square feet of retail.

The project will be housed around 120 miles south of Kroenke's Sofi Stadium in Los Angeles and is expected to be open as soon as 2025.

San Diego Mayor Todd Gloria confirmed Kroenke's involvement 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."

Jason Gannon, of The Kroenke Group, has highlighted the exciting prospect of another real estate opportunity. He said: "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."