Welcome to San Diego Blog | August 6, 2012
Downtown San Diego Waterfront Development on Course
Downtown San Diego has some big future plans for the Western waterfront located just south of Broadway and between Harbor Drive and Coast Highway. The afformentioned site currently is home to some highly unattractive office and warehouse buildings that were constructed between 1921 and 1924.
Developers are looking to move forward in early 2013 with a $1.6 billion office and hotel project according to Perry Dealy, President of Dealy Development, Inc, that represents the Doug Manchester group on local projects. There is an existing agreement in place between the Navy and the Manchester Group and according to the US Navy’s Scott Sutherlnd, the Navy remains committed to this waterfront project.
The 12 acre site is to be home to a 2 phase project which includes office space, hotel and retail elements. The first phase, which is said to be completed in 2015, would include 240,000 sq/ft of commercial office space along with a 1000 room convention style hotel, a 193 room standard hotel and about 35,000 sq/ft of retail space.
A Fresh New Wester Waterfront with 4.5 acres of open space
Several national-brand hotel operators have expressed interest in locating at the development. It is expected that the Navy’s presence will attract defense related contractors to the office space to be in close proximity to the military.
Developers are hoping to settle issues related to litigation with environmental groups that are before a federal court, by the 3rd quarter of this year. For now they are still working on financing and lining up tenants for the space.
The New Navy Broadway Complex
A recent study estimated that the Navy Broadway Development would generate $850 million in regional economic activity when all elements become operational in what is estimated to be 2022. The second phase of development would be expected to be built between 2015 and 2018.
Once fully built out, the project would make up 3 class A office buildings, 3 luxury hotels, 271,000 sq/ft of retail space and 2 levels of underground parking. Public uses would include a museum and cultural space, plus about 4.5 acres of landscaped open areas including a waterfront park.