The proposal calls for 4,250 homes, including at least 2,000 income-restricted homes with average affordability no higher than 60% of area median income and at least 200 permanent supportive units. It also includes about 2,250 market-rate apartments, a 16,000-seat entertainment center, 14.5 acres of parks and public space, and 130,000 square feet of shops and restaurants.
City staff says the developer would front the estimated $460 million cost of public amenities without an upfront City payment. The full project is estimated to cost more than $4.2 billion and would be governed through a disposition and development agreement plus ground leases and related agreements extending over an 85-year term.
The project is not yet approved. The City Council’s Land Use and Housing Committee is scheduled to review the agreements and a proposed infrastructure-financing district on October 16; if advanced, the full Council would consider them in November. Construction would occur in phases, and the existing arena would remain until the replacement venue is complete. The City has not announced a construction start, housing-application process or tenant eligibility details.