City of San Diego’s selection committee has selected a bid from Brookfield Properties and ASM Global to redevelop the Pechanga Sports Arena property into a mixed use entertainment district with housing, parks, offices and retail.
The redevelopment area cover nearly 48 acres of lands in the Midway-Pacific Highway Community area, located in west-central part of the city. In 2010, the City of San Diego coordinating with local community members, started updating the Midway-Pacific Highway Community Plan, which has acted as blueprint for the future development of the area.
Go deeper with GlobalData
The concept of Brookfield Properties and ASM Global includes transforming the Pechanga Sports Arena into a mixed use place with acres of public parks, new homes, office space and a modern entertainment venue. The project is expected to 3,200 jobs and annual economic impact of over $300m.
Mayor Kevin Faulconer said: “San Diego has assembled an extraordinary team with a proven track record to transform the San Diego Sports Arena. Our collective goal is to pursue the construction of a brand new sports arena that is surrounded by a thriving community that is second to none.
“A redevelopment like this is a once in a generation opportunity, and I’m confident that ASM and Brookfield’s international experience will breathe new life into this area, and create a Sports Arena district that makes San Diego proud.”
See Also:
The City of San Diego’s selection committee reviewed two responsive bids to the Request for Proposals (RFP) that was issued in February this year.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe committee had considered several aspects such as developer experience, development economics and feasibility, a vetting of financial models and community feedback.
The RFP and redevelopment concepts for the Sports Arena area were designed to help realise the community plan put forward in 2010.
The City and the two companies ASM Global and Brookfield Properties will start negotiations on the final scope of development. The deal expected to be brought before the City Council next year.
Brookfield Properties development vice president Zach Adams said: “Brookfield Properties and ASM Global appreciate the City’s confidence in our team and vision for the iconic Sports Arena site. Our team has a long local history in San Diego, and an excellent track record building and managing sports arenas and mixed-use districts around the world.
“We are excited about leading a collaborative conversation with the community, and we plan to form a community advisory panel to help shape the project and provide ongoing input to our team.”
—————————————————————————————————————————————————-
Brookfield Properties and partner to develop San Diego Sports Arena area. (Credit: PRNewsfoto/Brookfield Properties.)
