Welcome to San Diego Blog | January 8, 2010

East Village Future Park on Hold?

Bayside Pinnacle Development, LLC has requested a time extension for the development of the agreed upon East Village park, the mixed-use twin tower Pinnacle Condominium project as well as the 540 stall 4 level parking structure that is slated to be constructed underneath the park.

The park, known currently as “14th and Island Park” is bound by Island Ave, 14th, 15th and J Streets and will be constructed on the 120,000 square foot super block. The overall plan includes two towers with 630 residential high-rise condominiums and approximately 20,000 square feet of ground floor commercial retail space as well as a corner commercial structure including joint use public restrooms.

EastVillagePark

The Developer is requesting a time extension due to weak financial and housing market conditions in the months preceding the deadline for start of construction. The developer has completed the corner commercial structure and patio which will be used as the on-site sales office and is in the process of completing the off-site public improvements around this building as required by OPA and the implementation agreements.

Eastvillageparkcafe

The Center City Development Corporation really needs to grant the time extension as moving forward with 630 residential condominiums would be fiscal suicide. Downtown already carries the burden of Vantage Point which sits more than 80% vacant and although we fully embrace the new park and the Pinnacle Towers, timing is everything. Now is not the time for the park or the towers. If we grant a 24 month extension for the start of construction, we will be doing the city and residents a huge favor.

At this point, there isn’t enough redevelopment in the immediate area to make good use of the park. The San Diego Police have voiced their opinion that they feel the homeless would be a problem and they are not adequately staffed to handle the proper levels of patrolling of the new park at this time.

Mike DeCotiis and the Pinnacle LLC have already developed one of Downtown San Diego’s nicest luxury towers, The Pinnacle Museum Tower, and also constructed the wonderful Children’s Museum located in the Marina District at 550 Front Street. We should embrace his request and patiently wait until we have buyers and businesses that are in a position to purchase or lease in the new structure before we push for construction. 

There is a committee meeting at CCDC regarding this matter on 1/13/2010 at 8am.  More info.


Written by: chad

Categories: San Diego Real Estate

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