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Asset Management Strategies for the use of San Diego's Downtown Properties
Client: The City of San Diego, California
dashed line separator The City of San Diego had identified the need for more than 1,000,000 square feet of space for its work force in Downtown San Diego. Tentative plans had been prepared for the construction of a new City Hall at a cost in excess of $275,000,000. Gruen Gruen + Associates was engaged by the City to analyze the options open to the City for the use of the property it owned as sources of revenue or alternatives to the proposed new City Hall as a source of office space. Among the studies conducted by Gruen Gruen + Associates were the following:
  • A forecast of the revenues that could be earned from leasing City-owned space and land; and
     
  • Identification of the development package that would provide the greatest possible revenue from the redevelopment and reuse of properties owned on the community concourse in San Diego.
In its analysis, GG+A identified the long-term development potential of more than 1,400,000 net square feet of office space in two towers and the demolition of the current Convention and Performing Arts Center and the City's present Central Administration Building.

Obtainable ground rents were estimated after consideration of the real estate dynamics that applied to Downtown San Diego and the preparation of a long-term market study for office uses.

The study concluded with an action strategy which was recommended to the City Council. GG+A laid out steps the City undertook in order to cost effectively house its workers and utilize real estate assets.




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