Park & Market Project, Including New UCSD Hub, Approved for East Village
On Tuesday December 12th, the San Diego City Council unanimously approved the $275 million, 34-story Park & Market project that includes a 66,000-square-foot four-story office building that will be occupied by UC San Diego.
Keyser Marston was economic advisor to Civic San Diego in its negotiations with Developer, Holland Partner Group, for the transit friendly project, which will be located adjacent to an Orange line trolley stop in San Diego’s East Village. The City owns the site and Keyser Marston analyzed the financial terms of the Disposition and Development Agreement (DDA), informing the City of the reuse value of interests being conveyed.
Downtown leaders enthusiastic that UCSD is opening a downtown post hailed the move as a major step in making downtown a center for the new 21st century tech-economy and declared the Project an “Innovative Cultural and Education Hub” for downtown San Diego.
San Diego’s mayor Kevin Faulconer was quoted in a Union Tribune article on the UCSD coming to the East Village: “Landing a university presence in downtown San Diego is a game changer and the result of years of hard work to make it reality,” said Mayor Kevin Faulconer. “This new project will continue the revitalization of the East Village neighborhood and, with UCSD’s top-notch reputation, provide countless opportunities for collaboration as we prepare students for the jobs of tomorrow.”
The project also includes the following components:
- Residential – Market‐Rate Apartments – 341 market‐rate rental apartments comprised of 81 studios, 122 one‐bedroom, 96 two‐bedroom, 38 three‐bedroom units, and four (4) townhome units with an overall average size of 948 SF.
- Residential – Affordable Apartments – 85 apartments for households earning up to 50% of AMI. The affordable apartments will comprise 20 studios, 30 one‐bedroom, 26 two-bedroom, and 9 three‐bedroom units, with an overall average size of 938 SF.
- Retail – 8,000 SF of retail space located in the Remmen Building and on the ground floor along Park Boulevard and Market Street
- Office – 67,600 gross SF of Class A office space, which will house the UCSD campus
- Private Parking – Four levels of below‐grade parking totaling approximately 613 spaces for the residential and office components.
- Public Open Space – 5,200 SF of public open space at the ground level.