Manchester’s $1.3 billion dollar project is on it’s way!
While Manchester doesn’t own the land the project sits on, he won a 99 year lease to build Pacific Gateway in 2006. In return for the rights to the 99 year lease, Manchester is required to build a 351,000 square foot headquarters for the US Navy. The project received its final city approval back in December and the demolition is set to start on the current 1920’s Navy buildings this month. The demolition is expected to take about 4 months, but many downtown dwellers are excited to get rid of those eyesores along our city’s bay!
Pacific Gateway, which is expected to cost an estimated $1.3 billion, is projected to bring in $12 million through hotel taxes, $10 million in property taxes, and $15 million in sales taxes annually. It is also expected to generate just over $14 million in fees associated with building permits and studies.
- 1A and 1B – 1.9 Acre Waterfront Park
- 1B – Manchester Pacific Gateway Tower – Class A Office and Retail (895,000 sf, 27 stories, 400 ft tall)
- 2A and 2B – 4-Star Manchester Gateway Hotel/Retail and Medal of Honor Museum (1,143,000 sf, 29 stories, 350 ft tall, 1,200 rooms)
- 3A – Lindbergh Building; Class A Office/Retail (259,000 sf, 8 Stories, 135 ft tall)
- 3B – US Navy Headquarters; Class A Office (351,000 sf, 17 stories, 250 ft)
- 4A – Seaport Building; Class A Office/Retail (140,000 sf, 6 stories, 110 ft)
- 4B – 5-Star Manchester Boutique Hotel/Retail (147,000 sf, 10 stories, 135 ft, 190 rooms)
Pacific Gateway is adding the luxury retail experience the neighborhood has been looking for!
The project is adding over 250,000 square feet of retail space to create an experience the neighborhood has been longing for. Downtown is lacking the luxury shopping and highest-tier retail brands to fit the demands of many of the locals and visitors. The fantastic location paired with the architecture creates a exciting and open space for the community.
Why is this project so interesting?
The land has been under utilized for far too long. The eight blocks that will make up the project are currently a few Navy office buildings and huge parking lots closed to the public. They are both an eyesore! The site is arguably the best site on the West Coast. Pacific Gateway is the last missing link between Downtown and the San Diego Bay!
Watch the video by Manchester Pacific Gateway to hear what they have to say!
Give me a call today at (619) 228-6790 or email me at Ryan@www.livingthesandiegolife.com for more information or to schedule a tour of the neighborhood!