Project: Makers Quarter
Client: HP Investors
Location: East Village, San Diego, CA
WHY IT MATTERS
Project involves a new wave of development involving urban infill redevelopment.
CGS3 represented HP Investors in the acquisition of a membership interest in a master joint venture for the development of Makers Quarter, an innovative urban infill redevelopment project in downtown San Diego.
As a result of the transaction, HP Investors has the first right to develop the retail aspects of this 20-block, multi-use I.D.E.A. (Innovation, Design, Education, and Arts) district with retail, hotel, office, residential and cultural aspects. The project is complex in that it involves multiple investors, including the Navarro Family, owners of Jerome’s Furniture, who has owned much of the property since the 1950s.
This new wave of development will turn 5.5 acres into 2.5 million square feet of apartments, condos, office space, retail, cultural space, hotel and parking.
Part of the project included the demolition of the Old Jerome’s Building, a furniture store founded by the Navarro family and a mainstay of the San Diego Community.
Development over the next five to 13 years is estimated to cost $900 million and will draw on the area’s history as a warehouse district. Plans include:
- A block-by block retail strategy.
- SILO – a 25,000-square-foot temporary event space on a former dirt auto-repair lot
- Creation of a permanent public plaza.
- Preservation of the Coliseum boxing club as an anchor and retention of historic facades when possible.
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