The opening of baseball season at Petco Park last week means that Downtown San Diego will be host to several million visitors over the next 6 months. While the casual fan will be concentrating on the action occurring between the foul lines, they should also be aware of the changes in the real estate off the field in the surrounding neighborhoods.
While walking to Petco Park from one of the many surface parking lots in the surrounding East Village neighborhood, baseball fans will notice the abundance of new shopping and dining options. The local San Diego County craft beer industry, recently touted as a job generator for the region, is responsible for spawning a new generation of connoisseurs looking for new places to sample the local product. Savvy restaurateurs have capitalized on this demand and opened several new establishments focusing on providing the local beers. After being empty for several years, a lot of the retail space is finally being occupied. Many new retail shops and restaurants are in the process of opening, adding to the livability of the downtown housing market.
The construction of the Main Library, a 9-story domed building at the corner of Park and 11th is well under way and should anchor future development east of Petco Park.
The confluence of maturing neighborhoods as well as a general feeling that the residential resale condominium market is stabilizing is setting the foundation for new growth.
Investors are realizing the opportunities after being dormant for several years. A few old projects have found lifelines with new financing, replacing onerous debt and allowing them to redesign their plans to meet the current economic climate. The downtown skyline may soon see a few more projects breaking ground in the near future. While no one is predicting a second wave of development at the scale seen in the early 2000’s, it does portend a bright future over the next few years for the area.
Source: David Landes, Marketing Consultant, (858) 568-7428