Welcome to San Diego Blog | March 12, 2020
$300 million construction loan secured for Horton Plaza’s makeover
The developer planning to transform Horton Plaza into a tech campus announced Monday it has secured a $330 million construction loan, and work will commence shortly.
Los Angeles-based Stockdale Capital Partners said the loan, provided through a group of funds managed by Alliance Bernstein, will allow 600 to 800 construction workers to start work creating the most extensive urban tech campus in the United States.
The company in January settled a lawsuit that had been filed by Macy’s. The company said Stockdale had violated the terms of its lease with the redevelopment plans that shifted the mall’s emphasis as a retail center.
Known as the Campus at Horton, the high-profile conversion project calls for a bulk of the 10-block property, or 772,000 square feet, to be remade into office space for tech firms and as many as 4,000 of their workers. Another 300,000 square feet will be reserved for ground-floor retail tenants that cater to workers’ needs and appetites. The remade facility will feature an abundance of natural light, solar panels on most rooftops, a blackwater recycling system, and a carbon-neutral design.
A team of architects and consultants, led by Retail Design Collaborative and Rios Clementi Hale Studios, will bring a leading-edge architectural design to the project.
The redevelopment is scheduled to be completed by the end of 2021 and will then be home to 3,000 to 4,000 tech jobs.
Next up, the real estate investment company will also need to finalize the terms of a lease to operate and redo the city’s adjacent Horton Plaza Park. The contract requires City Council approval.