Port's board mulls over Seaport Village plan - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Port's board mulls over Seaport Village plan

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SAN DIEGO (CNS) - Port of San Diego staff plan Thursday to ask the Board of Commissioners how to proceed with a proposal for a major overhaul of Seaport Village.
   
Six developers submitted bids for the project, and in July, the commissioners chose one called "Seaport San Diego'' for further evaluation. Staff plans to present findings so far and ask the board for direction.
   
The $1.2 billion Seaport San Diego plan calls for three hotels encompassing more than 1,000 rooms, a 151,000-square foot aquarium, a 480-foot- tall observation tower, and a charter school focused on marine studies and music.
   
There would also be about 165,000 square feet of shopping space, 141,000 square feet of restaurants, 69,000 square feet of space devoted to entertainment venues, specialty cinema and meeting spaces, and 19,000 square feet for offices.
   
Of the hotels in the proposal, one would be a full-service facility, a second would feature "affordable luxury'' and the third would offer elements similar to hostels.
   
The plan is projected to bring the port $22 million in annual rent once the project is built-out in around 10 years, far above the current take of $2.6 million a year, according to staff.
   
Staff recommends the board give them six to eight months to, among other things, study hotel market demand, find out which retailers are being targeted for inclusion in the project, determine the fate of current Seaport Village tenants and clarify the marine focus of the proposed charter school.
   
Also a concern -- the four-company entity that proposed Seaport San Diego, 1HWY1, hasn't actually formed yet. Port staff noted that only one of the partners has experience in mixed-use development, but others have backgrounds in their specialties, like project management and building aquariums.
   
The other proposals haven't actually been eliminated. After the further study, staff would return to the board to discuss the next steps, including possibly making a final choice of developer.

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