The developer in charge of the transformation of downtown San Diego’s Horton Plaza from shopping mall to office company may not have a firm date on when construction will begin, but he has no fear that the project will be impacted by the novel coronavirus COVID-19 pandemic.
The next key phase is the demolition of the exterior and it will be moved on soon. Dan Michaels, one of Stockdale Capital Partners’ Managing Directors, stated that all financing requirements to effect this redevelopment have been met. Work has begun on fencing the property, after which the exterior demolition process can begin.
Michaels said that his team is committed to pushing forward and getting the project going so that it meets the tentatively set deadline for completion in early 2022.
An Overhaul for the Interior
Destruction of certain interior structures began in 2019, but Michaels said that certain bridges inside the building, connecting parts of it, will be left intact. Bridges and walkways will be modernised and reconceptualised, however, and the architectural design will be reimagined to suit the new exterior.
Michaels added that floors would be added above where Nordstrom used to be, so new vertical components will be implemented.
Everything is On Track
A key milestone was met in March this year by the redevelopment project when it managed to secure a US$330 million loan thanks to a group of funds managed by the AllianceBernstein Holding L.P. It was incredibly fortunate timing, going through right before the effects of the COVID-19 crisis began to be felt in the United States of America.
In the current environment, unless you are dealing with product supplies like the online Blackjack NZ offers, social networking site deliver, or internet-based education makes available, you’re likely to get put on hold unless your financing has already been approved.
24-Hour Fitness Has Permanently Closed
Earlier on in April, 24-Hour Fitness notified its members that it would be shutting its Horton Plaza location down for good after an initial temporary closure in response to the epidemic.
Michaels revealed that Stockdale Capital Partners has not yet reached a decision as to what it will do with the extra 24 000 square feet of space previously occupied by 24-Hour Fitness but added that the new Campus would certainly include a gym.
The company acquired the mall from Westfield in 2018 for US$175 million and, once redeveloped, will include 700 000 sq. ft for offices and 300 000 sq. ft for retail. The latter portion of the project will focus on beverages, food, health, wellness. Design work on the project, which spans 10 acres, is under the leadership of the RDC and Rios Clementi Hale Studios.
The Horton Plaza refurbishment is being viewed by most as a driving force in the push to attract new businesses to the Downtown area, especially high-tech organisations. Derek Hulse, Cushman & Wake Managing Director, called it transformational in the sense that it will be an office campus characterised by adaptive reuse.