Based on the latest report prepared by Conventions, Sports and Leisure (CSL), the development of Petco Park in Downtown San Diego carries a 7.6 percent annual return on investment. The preliminary studies estimated a return of only 1.7 percent, but the city still decided to move forard with the massive scale project. More than $300 million was invested into the East Village Ball Park neighborhood and it turns out that it was money well spent . The city is very pleased with the extra 5% return on public and private tax dollars.
San Diego’s Ballpark Neighborhood Going Strong
Between the years 2000-2009, Petco Park and the 26 block ball park district have generated over $207 million in new tax revenue including transient occupancy taxes, sales tax and property taxes on all of the new Petco Park Condo projects that sprouted out of ground in the blocks surround the baseball stadium. Visitors spent more than $1.2 billion during that time frame and the creation of the stadium created more than 19,000 jobs with payrolls exceeding $783 million.
Petco Park and the San Diego Padres have brought a vibrant energy to Downtown. Prior to the creation of Petco Park, the East Village neighborhood was comprised of nothing more than warehouses, social services, city services and some random businesses. Today the Ballpark neighborhood is thriving with new business and residencies including single and multi-family housing as well as lofts in San Diego, and despite a less than stellar economy, there is still new development like the Thomas Jefferson School of Law and the new San Diego Library.
East Village is also seeing new restaurants and bars open up while other communities are seeing their restaurants close up shop. The new restaurants and bars include Proper Pub (by fulks at dresshead com), Wine Steals and Toast. There is also a new Hodad’s Burgers that should opening up in the fall.
What’s to Come for San Diego’s East Village Neighborhood?
Would building the new Chargers Stadium have a similar effect? If the Chargers Stadium were approved, would the rest of East Village San Diego have an accelerated redevelopment like it did with Petco Park? Do you think Downtown is a good location for the new Chargers Stadium? Why?Tweet