Narven Enterprises is proposing a 16 story hotel located at 5th and Ash in Cortez Hill; just west of El Cortez.  The high-rise hotel is going to be an all suites hotel with room sqft ranging from 300-350.  The hotel will be sitting on a 10,000 sqft lot.  The 156 room hotel will have a restaurant and a rooftop that will have both a bar and swimming pool.

Narven is hoping to get the approval within a couple months and be completed with the project in 2020.  The total cost is estimated to be between $55 – $60 million.

One of downtown San Diego’s commercial towers was purchased along with 10 other properties around the country for a grand total of $704 million. The 23 story property at 655 W. Broadway is called First Allied Plaza. It was completed in 2005 and has 376,703 square feet of commercial space.

 

The seller was MetLife Real Estate Investments, which purchased this complex at the end of 2014 for $156.8 million. The buyer was New York State Common Retirement Fund. They ended up with a total of 3.6 million square feet in 7 different cities. Dallas, Atlanta, Miami, San Jose, Arlington and Chicago.

 

I remember the first time I entered this property and took the elevator up to the 20^th floor. My God, the views to the west were incredible, until Electra was built right in front of it, lol. I was receiving an earnest deposit from a client that purchased a downtown condo at Trellis.

This morning, Chargers have filed, with the NFL, to relocate to Los Angeles. Two other teams, Oakland Raiders & St. Louis Rams, have done the same. The Chargers and Raiders want to move to Carson, CA and share a stadium while the Rams want to move to Inglewood.

 

The NFL will only allow 1 stadium to be in Los Angeles so who’s going to get in and who’s not? Or will neither get in? The NFL requires 24 of 32 team owners to approve for a move to happen.

 

The owner of the Chargers, Dean Spanos, mentioned that over 25% of business comes from Orange County, Riverside County and Los Angeles County. Once the St Louis Rams mentioned they wanted to move to Inglewood, Spanos said that was “the catalyst” for deciding to move to LA.

 

Next Wednesday, the owners will vote so let’s hope and pray the Chargers stay in San Diego! If not, maybe we will acquire the Rams? San Diego Rams? I’d go watch them play. I’m a Saint fan; let’s see them get crushed by the AFC!

I was really hoping the San Diego chargers would move to downtown San Diego located beside Petco Park.  This would have really boomed real estate in Downtown San Diego in the East Village.  Restaurants and bars would have exploded in this area during game days.  The stadium would have been packed as this would have been the “thing to do” and where people will go to socialize.

CBS News 8 – San Diego, CA News Station – KFMB Channel 8

What are you doing for the holidays? Are you will friends, family? Well, bring them all out and come downtown San Diego and watch the Holiday Bowl Parade. There will be 100,000+ people out for this event so come early. It’s free or $20 for a grandstand seat.

 

There will be marching bands and oh yeah, balloons! Many people are excited to see the balloons and to have a fun time in the sun. The parade starts at 10:00 this Wednesday so come early and get a good seat.  After the parade, there will be a wiener race and a 5k run/walk.

 

The 2 teams that will play at Qualcomm Stadium are Wisconsin and USC.  Who will win?  Watch!

 

Condos in San Diego that will have a front row seat of the parade are: Breeza, Bayside & The Grande. Each are located along Pacific Hwy; the closes residential you can get to the San Diego Bay.

I’ve spoken about this multi million-dollar project earlier in the year and now it appears this project is one step closer to coming together.

 

Cisterra Development that built the new Sempra building wants to build a Ritz Carlton, Whole Foods, Office space, Condos and Apartments. Yes, that’s a whole lot going on in one development that will be located at 7^th and Market.

 

Yesterday, the city counsel voted 8-1 to start negotiations with Cisterra Development. The land is owned by the city so the city wants to know how much they will pay for the land and what exactly they will do with the land.

 

There will be 160 Room Ritz Carlton and also a Whole Foods. 156,000 square feet of office space, 115 apartments with an additional 32 for low-income housing. There will also be 58 Ritz branded condos for sale.

 

There is also an old historic hotel on the plot that can’t be destroyed that Cisterra will also manage and spend $ to improve the property.

Have you ever eaten at Anthony’s Fish Grotto?  Well, if you haven’t, I don’t think you’re missing much.  When I moved to San Diego back in 2003, I heard Anthony’s was the shit but after I ate there, not once but twice, I was ok with not wanting to go back.  Why?  Well, there are many other fabulous restaurants in downtown San Diego that are way better than Anthony’s. When you walk in, it feels like you walked back in time with their old decorations and the building looks like it’s about to fall into the water.

The Port of San Diego selected The Brigantine, out of 6 proposals, to take over the current space.  Anthony’s 52 year lease expires January 31, 2017.  That’s when The Brigantine expects to take over and start to build their new establishment.  The Portside Pier will be broken up into 4 different eating concepts.  Brigantine for turf and surf, Miguel’s Cocina for Mexican food, Ketch Grill and Taps for walk ins and take out, Portside Gelato and Coffee for coffee and gelato.

The new construction will offer an extended patio and also have boat side docking.  The Brigantine will spend about $1 million more in construction than their competitors and also pay around $1.1 million in rent each year.  The Port will net around $10.5 million over the next 10 years.

I’m telling you, the waterfront is going starting to become a more popular place to be.  Real estate in Downtown San Diego is continuing to become more and more desirable.  Residences and The Grande, Bayside and Breeza will have a new eatery within walking distance to them that’s along the waterfront.

 

Millions throughout the year read the San Diego Union Tribune and is thee newspaper in San Diego. After 42 years being located in Mission Valley, they are going to be moving back to Downtown San Diego.

 

The Union Tribune used to be located at Second & Broadway, where the current NBC building currently is, in Downtown San Diego for over 100 years until they moved to Mission Valley in 1973. I wasn’t even born yet!

 

The new home for the Union Tribune will be at 600 B Street. They will occupy 4 floors from the 9-12. The Union Tribune entered into a 15-year lease for $40 million. You will soon see their logo at the top of the 24 story building.

 

Downtown San Diego will definitely profit from the 350 employees that will soon work in the city.  Apparently this is the largest business relocation into downtown San Diego in many years. It’s great to see businesses move to downtown San Diego where many will now want to move to downtown and either buy a condo in downtown San Diego or rent.

Do you like beer? Then you will want to come downtown to the 5^th annual Craft Beer and Bites that’s happening tomorrow. There will be 15 breweries at SILO that will provide their finest beers for thousands of people to enjoy.

 

The event will take place from 6:00 pm – 9:00 pm at SILO – 753 15th Avenue. Tickets will be $35 in advance and $40 at the door.

 

This week is beer week in San Diego so drink up my friends! J

Zephyr Partners had acquired a block in downtown San Diego for $21.1 million dollars a few months ago and now they are ready to break ground on a new downtown San Diego condo complex. It’s located in the Core of the city at Broadway between 7^th and 8^th avenue.

 

This project will be mixed use for both locals and tourists to enjoy. There will be 2 towers, 1 will stand 41 stories tall and the other 21 stories tall. Both will house 498 residential condos. I hear they might even have a boutique hotel as well but don’t quote me on this? A 25,000 square feet Sky Garden will be located on the 7^th floor and a 19,000 square fett community patio will be located on the 30^th floor. 19,000 square feet of retail will be located on the ground floor and the building will include 960 underground parking spaces. That’s a lot!!

 

It’s great to see this new construction coming to downtown San Diego. There isn’t another condo complex close to this one besides Samuel Fox Lofts; which is also located on Broadway.

 

Please give me a call for more information on this project!

Oliver McMillan has developed apartment rentals in downtown San Diego for years now. He was about to complete another one 13^th street between Market and G street but he sold it before the completion.

 

Monogram Residential Trust of Plano, Texas was the purchaser of the apartment complex and sold for $83.95 million.

 

These rentals have a loft style feel to them with exposed ducting and open feel to them. There are 208 units within the complex in East Village, San Diego and they don’t come cheap. The studios go for $2,073, one bedrooms for $2,191 and the 2 bedrooms for $2,595.

 

The amenities at the apartment complex will have a community gym along with yoga classes taught. There will be a courtyard as well as a roof top patio and the complex is dog friendly with a dog run also on site.

 

If you’re interested in rentals in downtown San Diego, give me a call and we’ll go out and take a look at what’s currently available.