By all indications, 2020 may just be a watershed year for San Diego. As of this writing, several exciting development projects are in the pipeline. Recent projects that have contributed to San Diego’s status as a major economic hub include the North Embarcadero Visionary Plan, the Navy Broadway Complex, and the Broadstone Maker Quarter luxury apartments. In all, the real estate industry expects to see more development projects in San Diego for 2020.
So, what’s at the center of San Diego’s hot retail and residential development market? The answer lies in the city’s rising reputation as one of America’s top innovative tech hubs. According to the San Diego Business Journal, commercial and residential developments in the city are expected to accommodate up to 90,000 residents and 165,000 jobs by 2030.?And, according to the San Diego Union-Tribune, the demand for homes will remain strong because of the city’s employment record, innovative tech corridor, and growing population.
And, there’s another factor contributing to the rise in development projects in San Diego: the upsurge of successful startups in San Diego. Based on these facts, let’s take a quick look at some of the major development projects in place.
Mission Valley Stadium
San Diego State University has already secured $350 million dollars in funding for this development project. The new stadium, planned for 2022, will have a 35,000-person capacity. As well as a multi-use stadium, there will be a world-class river park, leading-edge research and education center, and residential accommodations for 4,600 people. In addition, 10% of those living accommodations will constitute rent-subsidized housing.?The 1.6 million square feet of research and commercial space will also include offices, hotel rooms, retail shops, and more than 13,000 parking spaces. The final completion of the project is scheduled for 2034.
Jonathan Segal and Little Italy
This San Diego architect is selling seven of his properties in Hillcrest, North Park, Mission Hills, and Little Italy to fund his new project. In total, Segal will sell 222 apartments and almost 33,000 square feet of commercial space. He’s committed to designing and building a new high-rise pencil tower in Little Italy. Pencil towers are becoming popular in desirable neighborhoods since they can house many residential units within a relatively compact space. Segal’s San Diego pencil tower will be modeled after the world-famous 1,396-foot tower overlooking Central Park in New York City.
The Campus at Horton
Originally known as Horton Plaza, this major redevelopment project has just secured the $330 million dollars it needs to commence building. The mall will become a mixed-use project with a focus on new office spaces. Leasing discussions with prospective tenants are already underway, according to Daniel Michaels, a senior manager with Stockdale Capital Partners. The new 10-acre campus project will have 300,000 square feet of retail space and 700,000 square feet of office space, with on-site access to wellness, food, arts, entertainment, and beverage retailers.
New Apartments in San Diego County
New apartments are being planned for San Diego’s suburban neighborhoods, where the demand for housing is high and getting higher. But, make no mistake about it: Downtown San Diego will still see new development projects underway, such as Bosa’s Broadway Block complex (due to open in 2021 with 620 residences). Other areas such as North Park, Hillcrest, Pacific Beach, and Little Italy will see plenty of new construction, as well. In fact, 3,500 apartments are expected to be available for sale in 2020.
- North Park is in high demand among younger professionals. So, watch out for Kansas Modern, which will be a 24-unit complex. All units are currently under construction. Once finished, each unit will have a large balcony and residents will have access to parking spaces, communal bicycles, storage units, and an outdoor social area. In addition, a Moe’s Coffee shop will be located on the first floor of the building.
- The Collins luxury apartment complex on La Jolla was recently renovated (it used to be the Nautilus Professional Building). These apartments offer proximity to the Windansea Beach and access to the Valley Farm Market grocery.
Work With Nicholas Zamonis to Find the Top Development Projects in San Diego
San Diego is a vibrant city, with many opportunities for commercial and residential investment. The economy is also strong, with well-established developers keen to finance new development projects. If you have any questions or would like to get more details about available properties, get in touch with me by clicking this link. I answer all serious inquiries and am happy to work with both buyers and investors.