Posted Jul 9, 2016, 1:21 AM
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Join Date: Sep 2005
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Quote:
Seaport Village projects go to port board
Redevelopment of the 70-acre Seaport Village area on the downtown waterfront could involve as much as $1.5 billion in developer costs, 4.7 million square feet in new construction and upwards of $20 million in annual lease payments to the San Diego Unified Port District, a port staff reported concluded Friday.
Two proposals address just a portion of the site — one for an aquarium or a Ferris wheel and seafood mart . Four other bidders propose comprehensive plans hotels, much more retail space than Seaport Village currently offers, commercial office space geared to maritime and “blue-tech” businesses.
They also offer specialty uses, such as an 18,000-seat sports and concert arena; 2,500-seat performing arts center; 500-foot observation tower; 400-foot spinnaker-shaped gondola ride; and a pool outfitted with wave-making machinery.
Port officials hope to make a final decision at the end of the year and take steps toward getting construction under way by 2019.
Here are details about each bid based on the port staff analysis:
▪ Celebration Place: Manchester Financial Group proposes 1.1 million square feet of development over the entire site, including office and retail uses. Highlights include a 500-room boutique hotel, a 400-foot gondola ride in the shape of a sailboat spinnaker, 2,500-seat performing arts center and “Baywalk,” a fine-mesh walking surface extending north from the Embarcadero park. Development cost: $653 million; annual revenues, $203 million; estimated annual lease payment not provided.
▪ Embarcadero District: OliverMcMillan proposes 4.7 million square feet in the densest plan submitted. Highlights, besides office and retail, include a 18,000-seat arena operated by AEG that could serve both professional sports and concerts and other entertainment; 1,700 rooms in three hotels; and a Scripps Institution of Oceanography learning center on the park. Development cost: $1.5 billion; annual revenues, $324 million; estimated annual lease payment not provided.
▪ Ripley’s Aquarium of California: Jim Pattison Group proposes a 110,000-square-foot aquarium on 4.3 acres. Development cost: $129 million; annual revenues, $30 million; annual lease payment, $1 million. The company is asking for public financing to subsidize construction costs.
▪ SeaPort: McWhinney and DJM Capital Partners propose 1.7 million square feet over the entire site, including office and retail uses. Highlights include 1,000 rooms in three hotels; 30,000-square-foot performance and meeting space; a champion surfer Kelly Slater wave pool on Embarcadero Marina Park North and “dock and dine” facilities, which other teams also propose. Development cost: $711 million; annual revenues, $138 million; estimated annual lease payment, $10.4 million.
▪ Seaport San Diego: Protea Waterfront Development proposes more than 3 million square feet in office, hotel, retail, a University of San Diego charter school and an OdySea-run aquarium. Highlights include the nearly 500-foot-high “Spire” observation tower operated by Thrill Corp; 1,077 rooms in three hotels and hostels; a University of San Diego-sponsored charter school, a use the port’s attorney said may not be permitted on tidelands. Development cost: $1.2 billion; annual revenues, $287 million; annual lease payments at buildout, $22.5 million. The team is seeking public financing to underwrite public improvement costs on the site.
▪ Tuna Harbor Pavilion: Great Western Pacific proposes to develop only three acres of the Central Embarcadero, including a 110,000-square-foot “Tuna Harbor Pavilion” and a 200-foot Ferris whee. Development cost: $57 million; annual revenues, $8 million; estimated annual lease payment not estimated.
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http://www.sandiegouniontribune.com/...-presentation/
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