Port may approve Seaport village redevelopment plan - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Port may approve Seaport village redevelopment plan

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SAN DIEGO (CNS) - A proposed redevelopment of the Seaport Village tourist attraction in San Diego will be taken up Tuesday by the Port of San Diego Board of Commissioners, which could choose a developer.

For the past several months, the commissioners and port staff have focused on a $1.2 billion plan called "Seaport San Diego," which calls for three hotels encompassing more than 1,000 rooms, a 151,000-square foot aquarium, 480-foot-tall observation tower, about 165,000 square feet of shopping space and 141,000 square feet of restaurants.

The plan put forth by 1HWY1, a coalition of companies with backgrounds in development, project management and building aquariums, is one of six submitted proposals. The other five plans remain on the table, pending the commissioners' action.

The IHWY1 plan also calls for a specialty cinema and charter school focused on marine studies and music. The port's legal counsel has questioned whether those uses are appropriate for public lands, and called for further study.

Of the hotels in the proposal, one would be a full-service facility, a second would be in the "affordable luxury" category 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.

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