JMI Realty, the firm created by former Padres owner John Moores to handle development surrounding the stadium, sold the rights to build the 37-story Ballpark Village project to Greystar, a real estate management company based in Charleston, South Carolina.
The project, which is scheduled to break ground later this week, will include 720 apartment units -- with some set aside for affordable housing -- and 58,000 square feet of retail space on 3.9 acres bounded by Park Boulevard, and Imperial and 12th avenues, just east of Petco Park.
The transfer went before the City Council because the original agreements with JMI were made before the redevelopment process was abolished by the state.
The deal includes an Owner Participation Agreement, which has terms specifying the types of uses and affordable housing requirements. The OPA also includes a $4 million contribution to a pedestrian bridge over Harbor Drive, and creating 267 public parking spaces for special events.
Greystar is complying with the agreement, according to city staff.