The battle to develop the Sports Arena - burst 2

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Today on the southern california real estate report we give an update on a sports arena center and it's becoming quite a battle state. good morning. Welcome to southern california real estate report. This is bob mcguire. Daniel wise coming from san diego california so back in the news. Pechanga arena chain sports arena. Whatever you wanna call it. It's it's kind of the. It's kind of like watching a sporting match like you're like who's going to take the lead. Yeah who's going to win out what's plan from. Different parts of the crowd right exactly. What what ooh. Who has the best ideas and plans. You know who's gonna accommodate. The city's needs fast. So for those of you. That are new to this. The sports arena. Property was last year thrown up basically as a request for proposal to redevelop it. But what happened was was that that was premature because the land actually has to be used for an affordable component of housing. That wasn't considered in the first proposal. So it's kind of interesting so so what happened was it was basically put out as as basically like most real estate. Proposals or requests for proposals are put out. It was put out as basically a best and final and they said. Hey you know you. Mr developer come out and give us your best and final on how you would redevelop this. The surplus land that we have around our sports arena facility. Which by the way. The sports arena in this town if anyone is local for our local listeners. I should say those of us. That are familiar with the sports arena. I mean it's it's really dated so this is long overdue to get this done for a city. That's our size and for a city that now is gonna have what we're going to have in mission valley with the new. Sds you the football stadium and what we already have in. Petco pet khoza class aid stadium. That's rivals any baseball park in the country and the sports has like this really. It's just as really old decrepit building but people love it and they love going to the goals games because they can say close to the ice and things like that so it has some kind of some neat things about it but the building itself is like one thousand nine hundred seventy s the developer. That came out was brookefield. Who has quite a few properties. Here in san diego so there are known developer there known quantity and out of all the best in finals. That's who the city chose now. They made a huge mistake right because in the summer when it went up to the state to get approval of the state turn around said. Now you can't do it because there's no affordable on this property so you have to literally stop and now turn around and go find not only. Somebody's redevelop the sports arena. But also you need to find an affordable developer and then you need to have so do market rate units so brookefield has come back around and now they're saying hey. We understand that. This was a mistake. We're ready to do it again. So originally the units that the total coverage was going to be approximately twenty two hundred residential units but now they're actually increasing that up to like four thousand residential units if you stay under a certain square footage right around six to eight hundred sixty eight hundred square feet. So obviously you can do a large affordable you know component of studio units or you know micro units things like that. That are pretty popular as affordable housing options. You know for single people and people that fit into the average area meaning category. Which they're saying is going to be obviously found by hud and it's like thirty to sixty percent thirty two eighty some eight. I mean you have to remember that. Like six hundred to eight hundred feet. You can of one better in that. Like dont necessarily studios of yeah. Yeah yeah that's true. They could be nice. One bedrooms one in twos in six to eight hundred square feet but but to get the density that they're talking about. I think there's going to be a lot. I guess i should say i should. You're right a one hundred percent and it's there's going to be a smaller. There's going to be smaller. Units so the original plan had a lot of residential houses like sf are and townhomes and things like that so that is probably going to go away to get this additional density that they need so it's going to be interesting. They're going to have to escape park. They're going to have office and retail. They're going to have restaurants so for those of you. That don't know this area. The site is huge. So insight and brookefield is in the running but that toll brothers is trying to trying staged a comeback. Well so toll. Brothers is trying to stage a comeback. But what's really interesting too. Is it so this is now an open bid so they put out basically the so so. The city got the state's approval and now they have basically put out that. Hey this land is available surplus. Here's what you need to do. So there's going to be like you know. Basically on sunday there's going to be a presentation so also condamne who is a local real estate investment firm here that owns apartments nationwide. They're one of the largest apartment owners in the country. Owner and operator i should say so they. They have a big management platform. They're also going to throw their hat in to be the developer on this project as well. They've already it. Sounds like

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