Plans at Historic California Theatre To Reshape San Diego’s Downtown Core
The California Theatre site is uniquely positioned to anchor San Diego’s next wave of urban renewal.
CBRE has helped the site overcome California’s stringent regulations through a by-right redevelopment opportunity with an expedited redevelopment timeline.
At 1122 Fourth Avenue, it is centrally located in downtown San Diego. After serving nearly a century as an entertainment landmark, this half acre property will be part of the City’s revitalization.
San Diego determined all of the following: the historic mitigation requirements for the site have been completed, a development permit will never expire and developers are free to build any use allowed by right in the zone — even those that differ from the hotel/residential project shown in the permit.
A private settlement was also reached with the local preservation group, which agreed not to oppose future development of the property, even if the building’s historic facade were not reconstructed, a significant issue that had previously held back capital market support for this project.
Additionally, by providing the city’s already required 10% of affordable housing, a residential project at the site could obtain necessary or desirable deviations without requiring an amendment to the development permit. Developers could be granted an emergency demolition permit and proceed directly to securing building permits for the new project.
“This site represents a rare opportunity to leverage existing planning approvals to reshape a pivotal block in downtown San Diego on an expedited development timeline,” Jason Kimmel, senior vice president at CBRE, told GlobeSt.com.
“The California Theatre’s redevelopment will be key in advancing the City of San Diego’s long-term vision for the Civic Center district and support continued investment in the downtown core.”
Moreover, there’s been some movement on SANDAG grants for San Diego. On Oct. 3, the SANDAG’s Regional Planning Committee recommended full funding of $3.25 million for the city’s “Vibrant C: Redefining the C Street Corridor” project. But it still needs SANDAG approval.
The Vibrant C Project aims to transform C Street into a dynamic, pedestrian-oriented corridor by enhancing walkability, integrating multi-modal transit and activating and improving the streetscape.
The project aligns with SGIP goals by promoting smart growth, increasing transit access, reducing greenhouse gas emissions and fostering economic vitality through streetscape improvements, public space enhancements and community-driven activations. A key feature is the creation of a green pedestrian paseo from Park Blvd to Kettner Blvd, connecting downtown hubs and strengthening links to key destinations, including public services and transit.
These improvements will not be owned or maintained by the city; instead, they will be operated and maintained by non profit, Downtown San Diego Partnership.
Source: GlobeSt/ALM