By Jason Hughes
Horton Plaza Update
Bids were due on Horton Plaza–and Stockdale Capital Partners, in conjunction with Oaktree Capital, is currently negotiating with Westfield to purchase and re-position the outdated mall. Other bidders included long-time local developer/landlord Cisterra Development and residential condo developer extraordinaire, Bosa. With current city requirements forcing 600,000 square feet of retail, the mall either gets a minimal facelift–or a massive re-entitlement/redevelopment to transform to today’s success standard. I’ll keep everyone updated as escrow evolves–but fingers crossed for complete redo!
Ritz Carlton Hotel, Residences and Office Tower
Cisterra is getting close to announcing settlement with the unions on their CEQA suit. Cisterra intends to break ground later this year on the block bounded by 7th, 8th, Market and Island (just north of the new Sempra HQ building)–with a tentative completion Q4 2021. This will be downtown San Diego’s first (and so far, only) five-star hotel. Ritz for-sale residences will occupy the top third of the hotel tower–and market-rate along with low-income rental units will occupy the lower third of the tower–with the Ritz Carlton Hotel being in the middle. There will be an office tower on the southeast corner of the block with views into the ballpark–and Whole Foods has signed up for the entire second floor of the project.
Kilroy’s Little Italy Office Building
As noted in an earlier post, Kilroy Realty was high-bidder for the rare full-block Little Italy development opportunity on Kettner between Hawthorn and Grape (along the train tracks). They are planning to develop a six-story, 170,000 square foot super cool brick and steel tech-like building that is sure to be the hottest option for tenants far and wide. Initial renderings are AMAZING! Already one of the most sought-after locations for companies in downtown, this development will solidify Little Italy as THE place to be for progressive firms in the region.
Jason Hughes is chairman, CEO, and owner of Hughes Marino, an award-winning commercial real estate company with offices across the nation. A pioneer in the field of tenant representation, Jason has exclusively represented tenants and buyers for more than 25 years. He writes about topics in commercial real estate from a tenant’s perspective on his blog, Downtown Dirt. Contact Jason at 1-844-662-6635 or firstname.lastname@example.org to learn more.