Emission-reduction plan could drive influx into downtown
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San Diego’s skyline is being transformed by new office, hotel, and residential building projects.
San Diego’s skyline is being transformed by new office, hotel, and residential building projects.Bosa Development is all in on San Diego. The Vancouver, British Columbia-based developer has been leading the latest construction boom in this southern California market, where Civic San Diego, the downtown planning agency, reports there are more than 63 projects valued at over $6.4 billion being constructed, approved, or under review.
Bosa Development, which completed seven buildings in San Diego over the past 15 years, has another eight buildings planned for construction or redevelopment in the next decade. Last month, Bosa acquired two building sites in downtown San Diego for $42.6 million, on which it plans to build up to 800 condos.
“San Diego is getting ready to pop,” Nat Bosa, the developer’s founder, told the San Diego Union Tribune recently. Indeed, in 2015 alone, developers completed 1,248 apartments, and another 8,106 are in the works, according to Civic San Diego.
Bosa Development was one of the real estate developers behind Rethink Downtown, a free public exhibit that opened last September to highlight the city’s history and culture.
San Diego’s urban core has actually been growing for quite some time. The number of people living downtown almost doubled between the years 2000 and 2013, according to the San Diego Association of Governments.
The city’s construction boom isn’t confined to multifamily, either. The giant retail developer Westfield recently announced plans for its 30-year-old Horton Plaza shopping mall. An adjacent park, which Westfield will manage, is scheduled to open in March, and the developer is considering changes to the mall that range from cosmetic fix-ups to major demolition and replacements.
The post The next boomtown? Construction and redevelopment sizzle in San Diego appeared first on Synergen Consulting International.