Content area
Full text
The delay of development behind Park's outfield walls may benefit a new office tower planned in East Village Square.
San Diego-based Cisterra Partners has a new agreement with JMI Realty, the master developer for Downtown San Diego's ballpark district, to build a 300,000square-foot office building behind right field.
Previous plans for East Village Square called for 22-story buildings behind left and right field. A 1.5-acre park and an eight-story office building developed by Cisterra would have been built behind center field.
The San Diego City Council and Mayor Dick Murphy rejected the plan in April.
JMI, the real estate development company held by San Diego Padres owner John Moores, unveiled new plans in July, which eliminated the center field office building and enlarged the park to 2.7 acres.
Murphy and the City Council approved the new design for the park by a vote of 71 on Sept. 8. Councilwoman Donna Frye was the sole no vote. Councilman Jim Madaffer was absent.
Market Ripe For Offices
With that hurdle out of the way, JMI's timing may be just right for one of the first new office buildings in Downtown since 199 1.
According to Todd Anson, managing director of Cisterra Partners, demand for office space near the ballpark, and the will to finance it, is stronger than it was earlier this year.
"The financing community is more interested in financing a building - even more than six months ago," Anson said.
Lenders had required developers to prelease at least 50 percent of their buildings before backing them financially. Now, Anson said, banks are willing to accept only 25 percent pre-leasing for the building behind...