$300K check could boost Civic Center development
Money from the county's largest private foundation could pique interest from developers. The Prebys Foundation, San Diego's largest private foundation, has provided a $300,000 check to revitalize the Civic Center in hopes of attracting developers who ignored the city's solicitation for project ideas last year. The only response initially was to retrofit the 101 Ash Street high-rise into affordable housing. The Downtown San Diego Partnership will oversee the design work by U3 Advisors and the Prebys foundation will pay the cost. The new blueprint will be funded, managed and created by three separate private groups, and the hope is that it will attract interest from the development community. The funding will depend on recommendations from a committee of influential figures convened by Mayor Todd Gloria in 2022.
Pubblicato : un mese fa di Andrew Keatts in Business
San Diego has struggled to redevelop its Civic Center, and now the county's largest private foundation has stepped in with a $300,000 check in hopes of turning its fate, the Union-Tribune reported. Why it matters: The money could lead to a revitalization plan that piques interest from developers, who last year mostly ignored the city's solicitation for project ideas.
• The only response the city received initially was to retrofit the scandal-plagued 101 Ash Street high-rise into affordable housing, but that proposal is still up in the air.
How it works: The Downtown San Diego Partnership, an interest group for economic development downtown, will oversee the design work by Philadelphia-based U3 Advisors, and the Prebys Foundation will pay the tab.
• The foundation, a major arts benefactor, got involved to secure the fate of the Civic Theatre, which is in the six-block project area, the U-T reported.
Friction point: City officials will not be required to follow the new blueprint, since it will be funded, managed and created by three separate private groups, Fox 5 reported.
• The hope is that it will spark interest from the development community, and lean on recommendations from a committee of influential figures convened by Mayor Todd Gloria in 2022.
What they're saying: Jay Goldstone, a special advisor to the mayor on the project, told Axios last year the project suffered from nationwide economic headwinds facing big downtown projects.
• "The initiative reflects a strategic response to the challenges faced by downtown areas nationwide, offering a visionary model for urban renewal," Prebys Foundation CEO Grant Oliphant said in a news release.
The intrigue: When few developers responded to the city's solicitation last year, the project fell under a state requirement that any proposal reserve 25% of units for affordable housing.
• Yes, but: Now, the city has satisfied that requirement, so any response will instead need to reserve only 15% of units for affordable housing. City officials hope that will increase developer interest.