UCSD is coming to East Village – This is an exciting time for this blossoming neighborhood!
Downtown San Diego was completely transformed with the addition of Petco Park, which is East Village’s biggest attraction, but one huge focus now is jobs. The addition of a downtown UCSD facility has the potential to attract businesses and, of course, jobs. The facility would be just one part of a much larger development on the block surrounded by G St, Market, Park, and 11th avenue. The block is currently owned by the city and is occupied by the Quartyard, which is a neighborhood favorite and will be relocated just 1 block away. Construction is slated to begin sometime this year with an expected completion date of late 2020 or early 2021.
The site is going to be developed by the Holland group and designed by Carrier Johnson + Culture, who has a fairly strong downtown presence. They would be purchasing the block from the city for approximately $12.3 mil and the proceeds will be going to the city’s affordable housing fund. This estimated $275 mil mixed use project will occupy the entire block and consist of the 66,000 sf, four story, office building, a 34 story residential high rise, and a restoration project of the home that sits at the corner of G and Park. The four story mid rise building will be the portion that is to be acquired by UCSD for approximately $36.2 mil and about $6 mil in tenant improvements. The university plans on funding this acquisition from non-taxpayer sources, which will include grants, donations, extension course fees, and even bank loans. One of the biggest draws for the university is the plan for the trolley extension up to the main UCSD campus, which is slated for completion around the same time.
UCSD hopes that the it will be especially enticing for students south of Interstate 8, to apply for admission. The campus leaders want to attract a wider audience that doesn’t require a commute filled with traffic issues and parking problems, while increasing students’ use of public transportation.
The 34 story high rise residential tower will consist of approximately 426 residences. 85 of these residences will be very low income apartment units where graduate students making less than $31,500 could qualify to rent. There will also be a 5,000 square foot amphitheater and outdoor plaza for events and 22,000 square feet of retail/restaurant space. The historic Remmen Building will also be re-positioned to face Park Blvd and will be converted for retail and restaurant space.
The project is expected to create 600 pre-development and construction jobs, as well as 185 full-time permanent positions! This project contributes to the quality of life and economic growth that has engulfed East Village.
*All of these proposals are subject to change.
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!