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Construction: Catellus, Lankford, JMI Among Firms Set to Build
A half-dozen new office building projects are on the drawing board for Downtown, setting the stage for the first major office space development in the city’s core since 1991.
Some of the projects are only speculative, but they provide early sketches of a Downtown ready to build again after a decade-long draught of new office space.
Despite an unsure economic future and the flattening of vacancy rates, those involved believe demand will be heavy , though probably not heavy enough to accommodate all of the proposed projects.
By the end of the year, construction cranes should be a part of the skyline, and new buildings are planned to open between 2003 and 2005.
On May 16, the Centre City Development Corp. approved design plans for One Santa Fe Place, a proposed 26-story, 530,000-square-foot office building on the north side of Broadway, between Pacific Highway and the Santa Fe Depot.
If completed, the tower would be the first high rise built Downtown since the One America Plaza in 1991.
One America Plaza’s completion marked the end of a whirlwind of construction Downtown.
From 1989 to 1991, six high rises sprouted in the area, burdening the market with 2.3 million square feet of commercial space.
This overzealous construction, combined with an economic tailspin and the savings and loan crisis, drove vacancy rates up to 24 percent Downtown.
Developers and planners hope to avoid a repeat of a decade ago.
“We are a city of excess,” said Peter Hall, CCDC president and COO. “It’s either feast or famine when it comes to Downtown development.”
Planned Projects
CCDC is actively encouraging more office building construction Downtown to compliment the burgeoning residential construction and as part of the growing vision of San Diego as a “24-hour” cosmopolitan city.
Besides One Santa Fe Place, there are five other office building projects being discussed for Downtown.
They include:
- A 26-story, 430,000-square-foot building by Lankford
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