A hot topic in Downtown San Diego and through out the region is “When will new development start happening?”. This affects many of us because any type of real estate development pumps millions of dollars into our local economy. I have been following the stories of new condos in downtown San Diego and of course the new Chargers Stadium in the East Village area of downtown along with the development of the Embarcadero. Allow me to put this out there… Deals will be made very soon!
You may be asking how and why do I believe things will happen soon. Lets start off with new condos in downtown San Diego and around the region. Bosa is one of the biggest developers in Downtown San Diego for Condos. He has built beautiful condos such as Park Place in the Marina District, Horizons in the Marina District, Discovery in the Cortez Hill District, The Grande in the Columbia District, Electra in the Columbia District, The Legend in the East Village and his most recent baby is Bayside in the Columbia District.
He currently owns several parking lots in downtown San Diego that are scheduled to be built for high rise condos. One of his parking lots is located next to the Harbor Club in the Marina District and one of his other parking lots that he owns is directly behind his current development of Bayside and right next door to Sapphire Tower in the Columbia District. He is currently breaking ground in the city of San Francisco and will shift his business focus from selling to building again. If you look at his track record he has built properties in bunches and sold in bunches… Now that you understand that history I have insight on a meeting that occurred a couple weeks ago here in Downtown San Diego with his building team-leaders, the city building commissions, and others on various topics. I wonder what those topics could of been….? He is a leader not a follower, which means he will start building before other builders start so he can get a jump on them.
Next topic is the Chargers Stadium to be built in East Village of downtown. The site has been picked and a 1 year extension for Qualcomm Stadium has been grated. Not to mention our fabulous Mayor did a back door midnight deal to increase the cap on the redevelopment zone for downtown specifically the East Village and the Embarcadero back around October.
The proposed Chargers stadium site is on the corner of 17th and K St. We have all heard of the talks in LA for a proposed NFL stadium being built in the Downtown LA area next to the LA Live and Staple Center. That will happen but it will not happen anytime before the city of San Diego and the Chargers come to an agreement on a few topics ranging from the cost to build on that proposed site and who gets to keep the land. The NFL wants to put a team in LA but they will move a team that is suffering financially rather than moving a team that is prospering in a great community like San Diego. A couple of the teams that have been thrown out there are St. Louis Rams, Minnesota Vikings, and Jacksonville Jaguars all of these franchises are either in currently in bad stadiums, have a bad fan base, or tough economic markets or sometimes all three. So with the Chargers getting an extra 1 year on their lease at Qualcomm Stadium this will allow them to negotiate on the deal for the East Village site. Once this goes through this will bring condo values back up to the levels of 2006 just before the height of the market.
I don’t believe the people of San Diego realize the economic impact a new stadium in the Downtown San Diego would be to the entire county. I got 2 words for you…. SUPER BOWL! The economic impact of hosting a Super Bowl in is in the range of $500 Million dollars for 1 game! No one can tell me that having $500 million dollars dumped into this city would not help us get out of our city deficit. The NFL has drawn the line in the sand and stated that San Diego will never host another Super Bowl until there is a new football stadium. This deal will get done! When?… Very soon, I have eyes and ears on the situation and will let you know when I get more information. You just don’t want to buy a house or condo in downtown or near downtown once this deal is finalized… You will want to get in front of this to get that great deal on downtown real estate.
Next topic… What is our number 1 driving force behind our San Diego economy? TOURISM! Don’t think for one minute the building of the new cruise line ship terminal was done just for kicks. It was completed with intentions to bring in larger and more cruise line ships to port and have all the guest get off the ship to spend money in the Gaslamp and through out the downtown. Not only that but allowing for more ships to start their journey here in San Diego. This will get more people staying in Hotels and eating in our downtown restaurants before they board the ships. The Emarcondiro will get approved and start building in the next couple years so they can grow the tourism in downtown San Diego. All this will have a huge impact on the condos for sale along the Harbor in the Marina District and Columbia District.
So to answer the question when will all these new construction start happing? Soon… It could be as soon as the fall of 2011 to the spring of 2013.