Client: Centre City Development Corporation
On Broadway is a successful mixed-use project in the center of downtown San Diego which features the rehabilitation of the historic Walker Scott and Owl Drug building facades. The project, which opened in 2003, includes 33 residential loft apartments, ground floor restaurant space, and a 275-car parking structure.
Keyser Marston was the real estate advisor to the Centre City Development Corporation and helped structure the public-private development transaction between CCDC and the developer, CIM Group. The transaction structure involved a complex negotiation with a trust that controlled much of the property, to meet the financial and program objectives of both parties.
As required by California Community Redevelopment Law, Keyser Marston established the fair re-use value of the site being conveyed and value of compensation to be received by the Agency.