The San Diego Symphony, California’s oldest orchestra, will be kicking off the inaugural season of concerts at The Rady Shell at Jacobs Park beginning August 6-8. The Rady Shell, a project privately funded by the Symphony who raised 99% of the $85 million cost, is a new year-round outdoor venue in Jacobs Park that offers a 360-degree view of the bay, the marina, and downtown San Diego. There won’t be another dull day this year for those with condos in downtown San Diego. 

There are currently more than 40 concerts scheduled between August and November at The Shell, ranging from Latin and classical rock to Broadway, jazz, and pop. Big names expected to draw large crowds include Jason Mraz, who will be accompanied by the San Diego Symphony and perform hits such as ‘The Remedy’ and ‘Lucky,’ arranged to include the orchestra. Founder of The Police Stewart Copeland will also be joining the symphony in their world premier of ‘Police Deranged for Orchestra.’ 

Along with these legendary rockstar performances, the San Diego Symphony will also be performing two performances as part of their film series. The first will be the film based on the life and music of Elton John Rocketman – Live in Concert on September 3. The second will be John William’s score to Star Wars: Return of the Jedi, with the film playing on the screen on September 18-19. 

While the symphony usually hosts their fall season at Copley Symphony Hall, this year the entire season will be hosted at The Rady Shell. The Shell will be enforcing COVID-19 policies for the year. Such policies include requiring all patrons to provide proof of vaccination or a negative COVID-19 test result within the past 72 hours. Patrons will still be required to wear masks, but will not have to socially distance, given the added safety protocols in place. 

The summer of concerts in San Diego will be accompanied by a partnership with San Diego’s finest chefs and eateries including Lola 55, Urban Kitchen Group, and chef Richard Blais. Audience members will have options form pre-event dining and grab-and-go or table service offerings during. 

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In just two short years, there will be a Target opening in downtown San Diego. The big-box brand will utilize the high-rise ground level and the basement for one of their smaller formatted stores. The national retailer signed a lease for 36,000 square feet at the newly renamed Radian project. While there is no official date for when Target is expected to open, the project is expected to be completed in its entirety by the summer of 2023, according to the project developer. 

Along with the major retail space, Radian will also be adding new housing. Located at 659 Ninth Ave. along the south side of G Street between Ninth and Tenth Ave. in East village, the project is centrally located and highly accessible to San Diego’s downtown area. Those with condos in downtown San Diego will soon have a new option for shopping for groceries and other household items. 

Above the future Target will include 16 stories worth of apartment buildings, approximately 241 units and five levels of parking. There will be rooftop amenities for residents including a pool deck and a beautiful view of Petco Park. The developer is also hoping to include an indoor and outdoor fitness center and a dog run and self-service dog wash on the seventh floor for those who love their puppies like family. 

The project, totaling over $145 million, received unanimous support from the San Diego Historical Resources Board back in July and received approval from the planning commission two months later. From there, the developer finalized his agreement with the Lee family, who owns the land, and formalized a longstanding relationship with Target. 

While nothing has been made official, the format of the new Target in downtown San Diego is expected to be similar to the stores found in South Park, North Park, Ocean Beach, and Spring Valley. The smaller format allows the major retailer to set up shop in smaller, urban areas where their larger box stores simply won’t fit. Residents will be able to purchase food and alcohol once the new location is completed. 

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As if anyone needed yet another reason to one day call downtown San Diego home, mobility innovators Veo are setting up 1,000 electric devices throughout the city, making it easier for everyone to go from their downtown San Diego condos to anywhere their hearts desire (in the area, of course).   

The Chicago-based company was co-founded in 2017 by CEO Candice Xie, who explained that their technology is lesser known in areas where they aren’t present because they haven’t landed themselves in any media-worthy attention, unlike Uber, for example.  Their business model has been to grow one city at a time, and they are currently present in 40 cities.

Understanding that transportation, especially in the scooter sector, takes years of planning with both the public and private sector’s involvement, Xie was one of only three electric scooter companies to win a city-ran pilot program in the metro market of New York City. 

Anyone currently residing in downtown San Diego may be thinking to themselves by now that there are already two-wheeled, seated electric devices zipping around a couple of years ago. This is true: A Los Angeles-based company named ‘Wheels’ unload a couple hundred scoots back in January, 2019, but were forced to pull their products from the San Diego market for violating California Vehicle Code requirements. Wheels has since adjusted their design and are permitted 750 devices in the area. 

Other tech companies utilizing electric scooters were around before and during the COVID-19 pandemic, but city regulations created so much red tape that it started costing companies to continue doing business in the area, so they pulled their devices from the market. As of today, Wheels, Bird, Link, Lyft, and Spin all have electric scooters in downtown San Diego, with Veo’s expected 1,000 more. 

With more people moving to the area, traveling by electric scooter may be more convenient, depending on where you’re going. At its height of popularity, there were nearly 14,000 devices available. With companies exiting and Veo’s entrance, there will be less than 6,000. However, this doesn’t suggest that more companies wouldn’t be willing to move in as the market grows. 

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Despite one of the largest office space vacancies in downtown San Diego in modern history, developers continue to flood the downtown area with fancy new office buildings. Bosa’s 167,000 square-foot Paladion is the perfect example of an office building project that is struggling to attract tenants. The building, designed with tech worker efficiency in mind, has four floors naturally lit from the sun shining in on the floor-ceiling glass windows. It’s also equipped with a restaurant and underground parking. 

The Paladion is not unique, however. Thanks to the COVID-19 pandemic wreaking havoc on the economy, many businesses were either forced to close completely, temporarily, or have their employees telework from home for the duration of the pandemic. According to Tony Russell, an executive with Jones Lang LaSalle, office activity during the past year was effectively at a standstill, with no major deals signed in 2020. 

Currently, downtown San Diego houses 12.3 million square feet of office space, not including projects developing more office space. As it stands, more than 19 percent of available office spaces are empty. If you were to factor in inventory currently under construction and sublease opportunities, there is almost five million square feet of available office space. So, why do developers keep developing? 

Many who are investing now don’t see the current situation as the entire picture, and are instead looking five to ten years down the road. San Diego is a developing downtown area. With the area focused on biotechnology and life sciences, many are predicting that new office spaces will attract companies from outside the state, or even outside the country. 

Investments in downtown areas with the growth and potential had by San Diego should come as no surprise, though the vacancy rates are currently alarming to most. Prior to the pandemic, the mayor’s office was predicting doubling the population size within the next 20 years. If this becomes reality, office vacancies will fill up and downtown San Diego condos will become hard to come by. 

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If you’re in the market for downtown San Diego real estate, there are a number of factors that you should consider before moving forward. San Diego continues to be one of America’s fastest growing cities. As nearly every other city, San Diego faced challenges due to the COVID-19 pandemic. Some trends that investors should be aware of as we exit these uncertain times are unemployment rates, availability, and the cost of rent or buying a home, just to name a few. 

Unemployment in San Diego is relatively high, compared to the national average. As of January, 2021, San Diego’s jobless rate was over eight percent, while the national average was slightly over six percent. Experts predict that as tourism picks up, unemployment will drop. 

The housing supply is very tight, and there are more people in the market seeking to buy homes than there are homes available. Experts predict the housing market will improve once the pandemic is behind us. Until then, San Diego is experiencing high rental vacancies. This is more likely explained by colleges and universities going mostly remote, so students didn’t sign leases for the previous year. 

The median cost of a home is $655,000, representing a 9.2% increase year over year. San Diego properties may be overvalued right now, according to some experts, but property values have soared nationwide. The cost of rent is also up 4.3% year over year. The median rent in the city was $2,375 as of December, 2020. The national average cost of rent is $1,740. 

San Diego is a growing city, and the increased property values and rent costs may just be reflective of that. The mayor has predicted that the city will more than double in size over the next two decades. If you have the finances and are interested in making San Diego a home or a place of business, the high price points shouldn’t deter you, especially with the city’s expected growth. 

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If you’re looking for a beautiful place with historical value to stay while visiting downtown San Diego, look no further than the Guild Hotel. The Guild is known for more than just a comfy bed; they also work with local artists and craft beer breweries to provide their guests with an authentic taste of San Diego. Built in 1924 to house the Armed Services YMCA building, the hotel aims to combine both the new and the old while remaining modern and nostalgic. 

Keeping true to its past, the Guild stays true to historic details, including high ceilings and elegant archways against exposed brick. The Grace Gardens on the property provides guests with the perfect urban outdoor experience and a little getaway from the craziness of downtown. 

Another amenity that the hotel provides is pets are absolutely welcome. The Guild understands that many travelers want to share their downtown San Diego experience with their furry friends, so they want you to invite them. They provide your pets with bowls, treats, and dog beds, so your best friend can have a comfortable stay as well.

The rooms are comfortably designed with each guest in mind, and a Penthouse Room including a rooftop patio view of downtown. The gym, equipped with Peloton bikes, is accessible to guests 24 hours a day. Guests also have access to the rooftop pool located at Broadway Athletic and Swim Club. The Guild also hopes to partner with local artists to provide guests with a rotating gallery of art for a different experience every time. 

Whether you’re in town for vacation or shopping for downtown San Diego real estate, The Guild Hotel is the perfect spot for your trip. You hardly have to leave the hotel to sample all the great aspects San Diego has to offer. Of course you’ll want to, because San Diego’s continued redevelopment offers tourists so much more.

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Good news for those seeking oceanfront views: Living in closer proximity to the ocean does not necessarily mean paying higher taxes in San Diego. On average, taxpayers pay about a one percent property tax rate, though the rate differs between towns. The city of San Diego has the highest property tax rate in the county, for example, at 1.23 percent. 

As you move more inland to El Cajon, property taxes only decrease slightly to 1.21 percent. Located across the San Diego Bay from downtown San Diego, residents in Coronado pay the lowest property tax rate in the county, at about 1.04%. As mandated by law, property taxes are limited to only a two percent increase per year. 

Proposition 13, which was approved by California voters in 1978, sets the limits and allows for property owners to keep the assessment value on the property at time of purchase. Unless major renovations or change in ownership occur, tax bills only increase slightly by year. If you and your friends are in the market for downtown San Diego condos, for example, and you make a purchase this year, you will be permitted to pay property taxes on the assessment value from 2021. 

Rates vary by locality. Property taxes are determined by local governments, but can often be correlated to crime rates, school district performance, and if surrounding properties are presentable. While one may assume areas near the ocean would draw higher property taxes, localities sometimes adopt lower tax rates to attract incoming residents and incentive to buy a home and stay in the community. 

San Diego is currently not having any issue attracting a new generation of residents. With their investments in real estate dedicated to life sciences in the area, college graduates in these subjects will likely find their way down to the bay. Redevelopment is also playing a major role in attracting people, and the mayor projects that the population will nearly double in the next two decades. 

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Hersha Hospitality Trust sold their downtown Courtyard San Diego Hotel to Pimco for $64.5 million to Pimco, a Newport Beach global investment management firm that did not previously own any hotels in the state of California. While an exchange for real estate for money isn’t normally newsworthy, the 245 room hotel sold for $6.5 million less than what Hersha purchased it for in 2013. 

While this discount may seem shocking to most, President of Atlas Hospitality Group Alan Reay was not at all surprised. According to Reay, the perfectly placed business hotel would have sold for $84 million if it had not been for the pandemic. Pimco was able to purchase the hotel at $64.5 million, nearly $20 million less than what it would have been worth. 

The pandemic took a heavy toll on downtown San Diego real estate values in the hospitality industry. While restrictions are beginning to ease and life’s beginning to open up, this specific hotel is less attractive to tourists who may prefer a beachside view. Therefore, the time it would have taken Hersha to bounce back from losses accumulated through the pandemic would have been longer than other properties in the area.

Hersha sold their hotel at a 24 percent discount. According to Reay, hotel properties were discounted between 40 and 50 percent during the middle of 2020. Earlier this year, Hersha was forced to walk away from seven of their New York City hotel properties. Reay suspects that Hersha was motivated to sell in order to free up capital, and notes that they own no debt on the property. 

Whether or not Pimco made a wise investment is left to be seen. The 1920s building was originally the San Diego Trust & Savings Bank before it was converted into a hotel in 1999. The hotel has maintained some of the bank’s original features while transforming them and making them applicable to the hotel industry. 

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Imagine 41 stories of housing spanning an entire city block in downtown San Diego that is all in walking distance to the city’s most popular destinations. Well, you no longer have to imagine it. Bosa, who has earned their reputation for raising the standards for luxurious living, brings you Diega, a 617 room apartment building that is currently offering in person and virtual appointments to tour the different varieties of floor plans and room styles.

All residences in Diega were designed with the location in mind. Bosa designed each apartment as a personal refuge in a calm and comfortable yet contemporary setting. Some rooms even  offer exuberant views overlooking the San Diego Bay and the beautiful horizons over the Pacific.  

Living at Diega also has its own special privileges, with a Sky Terrace on the seventh floor spanning nearly an entire acre of outdoor space. The building is equipped with a rooftop pool and spa, cabanas and lounge seating, and outdoor grills for residents who need to take a load off and relax. Diega also has a Fitness Center that includes indoor-outdoor cardio and free-weights, a yoga and exercise studio, a spin room with virtual training, and a dry sauna. 

If the specifically designed residences and building amenities are not enough to sell you, Bosa also chose a centralized location for Diega in downtown San Diego. Those relocating to San Diego for work will be happy with the convenience Diega’s location provides to office buildings. After work, they’ll also only be a stone throw away from the city’s life, including music venues, restaurants and bars, as well as spaces to go to simply enjoy the outdoors. 

While Diega may be a dream come true to many, there are plenty of downtown San Diego condos that will surely place you right in the midst of all the growing fun. San Diego continues to grow and redevelop while welcoming new residents who are interested in the life and science careers available in the area. With the population expected to double over the next 20 years, now would be the opportune time to consider making your move. 

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