Downtown Revival ‘Reflected’ in New Waterfront Park

By Gabriel Circiog, Associate Editor San Diego’s downtown housing market seems to be coming back to life thanks to the rising demand and to the increased amount of cash available to lend. According to The Centre City Development Corp, 11 projects are [...]

San Diego’s downtown housing market seems to be coming back to life thanks to the rising demand and to the increased amount of cash available to lend. According to The Centre City Development Corp, 11 projects are expected to start in the next two years offering a total of approximately 2,710 apartments and condos within four years if all projects are completed. One of the biggest projects has been undertaken by the developer Pinnacle Bayside Development US, located at the intersection of 15th and Island, with a square footage of 716,868 residential space divided in 619 units.

The developer Nat Bosa, who according to Signon San Diego has completed seven developments with 1,688 units in downtown San Diego since 2001, has received approval for a 36-story, 555,000-sq.-ft., 285-unit project. The estimated value of the development is $250 million and it is expected to be completed in 2015. Bosa also mentioned that, in his vision of the future, the prices are going rise again to the levels achieved three years ago.  And, he added that for 10 years he has been urging the city to clean its “front door,” referring to the waterfront which, in his opinion, is the most important aspect in revitalizing the San Diego—a great city.

According to the same source, the County has done exactly that: it has given final approval to the $44.2 million 8-acre waterfront park project. This will include the replacement of parking lots with landscaped “rooms” destined for private parties, gatherings and picnics; an additional $18 million underground parking garage on the south lot; and, in the center, two shallow pools will run span the length of the west facade of the county building. The landscaping plans, by Spurlock Poirier and partner Marty Poirier, include the Jacaranda which is the city’s official tree.