SAN DIEGO (FOX 5/KUSI) -- The San Diego Planning Board has approved the Midway Rising project, a major redevelopment plan for the Midway District, making it one step closer to reality.

The Midway Rising project, which promises a new 16,000-seat arena and 4,200 housing units, aims to revitalize the Midway District, which has seen better days since the San Diego sports arena was built in 1965. The project includes significant financial backing from investors like billionaire Stan Kroenke, owner of the Los Angeles Rams and SoFi Stadium.

The Midway District, originally transformed from World War II military housing into an entertainment hub, is set for another transformation with the Midway Rising project. The area, once bustling with professional sports and big-name entertainers like Elvis,

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