San Diego
Downtown San Diego’s first major mixed-use project--incorporating stores, houses and offices in one building--was approved Friday by the Centre City Development Corp.
The contract with Southwest Estate Group Inc. now must be approved by the City Council, probably next week, according to Gerald Trimble, CCDC executive vice president.
The $36-million City Plaza is proposed for a block across from Horton Plaza, the city’s new retail and entertainment center. City Plaza is an integral part of the city’s formula for creating a cosmopolitan downtown that will attract people at night and on weekends.
Construction is tentatively scheduled to begin in August. The seven-story building is to be constructed on a block bounded by 1st Avenue and Market, Front and G streets. It will have two levels of underground parking; retail stores and restaurants on the ground floor; offices on the next three floors, and 80 condominiums on the top three stories. The condominiums will sell for an average price of $150,000.
CCDC is selling the developer the land for $3.6 million, a discounted price.
Once the project is built, CCDC will receive special tax payments from the developer of about $360,000 a year, CCDC officials said.
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