San Diego Current and Future Economic Developments

Blackstone Group to invest more than $1 Billion

Blackstone Group is planning to buy about 5,800 apartment units in San Diego for more than $1 billion. The New York-based private equity and investment firm has agreed to purchase 66 complexes across the city from the Conrad Prebys Foundation, according to the San Diego Union-Tribune. It also plans to make $100 million in improvements to the properties.

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Downtown San Diego Life Sciences Development $1.6 Billion

IQHQ would spend more than $7 million to develop a 1.5-acre park at the corner of Broadway and North Harbor Drive as part of what the company is calling its Research and Development District (RaDD). In addition to 1.7 million square feet of life science uses, creative office space, and visitor-serving retail options, the 1.5-acre open space will be an amenity for RaDD tenants, visitors, and the community at large to enjoy for generations to come.

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SDSU Mission Valley Innovation District $1+ Billion

The SDSU Innovation District will include roughly 1.6 million square feet of office, technology, and research space located adjacent to the stadium to activate the space and create an incubator-like feel to the area. In partnership with public-private partners, the Innovation District will provide collaborative research partnerships and create more opportunities for public engagement and interaction with public and private industry partners.

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Otay Mesa and East Lake Amazon Campus

Amazon opened its giant new fulfillment center in Otay Mesa to the press and local officials on Tuesday, showing off a state-of-the-art facility filled with robots and newly hired employees. “We are the largest Amazon facility in California by size by far,” said General Manager JaNiece Ford, who moved to San Diego from Akron to manage the facility. Ford led a tour past truck loading docks, sprawling conveyor systems, thousands of robot transporters, problem-solving teams, and fast-moving lines of packages in the 3 million-square-foot facility at Otay Mesa Road and Enrico Fermi Boulevard just north of the border. Amazon has reported investing $12.3 billion in the San Diego area over the past decade.

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Apple to bring 5,000+ new high tech jobs to San Diego by 20206 – largest expansion City

Apple plans to vastly increase its engineering footprint in San Diego, pledging to grow its local workforce to more than 5,000 employees over the next five years. The San Diego job target represents a 315 percent increase over Apple’s prior projections. Apple previously confirmed leases for about 300,000 square feet of office and lab space in two buildings on Towne Centre Drive in University City. It also reportedly leased an additional 197,000 square foot building in Rancho Bernardo from Bay Area developer Jay Paul. Apple would likely need significantly more real estate, however, to house a 5,000-employee workforce based on the standard square-feet-per-employee metrics common in the tech sector.

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Chula Vista Bayfront Development project $1 Billion

The $1 billion bayfront development is a blueprint for roughly 535 acres on the city’s southwest side, meant to transform a mostly vacant and underutilized industrial area into a thriving recreational, residential and resort destination on the city’s waterfront.

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UCSD Hillcrest $2.5 Billion hospital complex

UC San Diego Health broke ground Friday on a multibillion-dollar project to revitalize around 60 acres of its 55-year old Hillcrest campus, adding new academic medical facilities and housing and fitness facilities. “The reimagined Hillcrest campus will increase access to UC San Diego Health’s nationally ranked medical specialties and world-class patient care,” UCSD Chancellor Pradeep Khosla said. “The revitalization project will form a modern destination medical center that will further improve the exceptional care and medical education UC San Diego is known to deliver.” The construction on the project — costing between $2.5 billion and $3 billion — is expected to continue over 15 years in five major phases.

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Riverwalk Mission Valley Redevelopment Project $2 Billion

The owners of the Riverwalk Golf Club have released plans for a major redevelopment. The plan hopes to create mixed-use village of 4,000 units of housing, a new trolley station, retail, and office space. Much of the existing golf course will remain green space but will be transformed into a public park said Bhavesh Parikh, project manager for Hines Development. The announcement of the $2 billion dollar project came a day after the Mission Valley Planning Group voted to move forward on drafting the new 30-year master plan for the area. It hasn’t been overhauled since 1985.

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Point Loma Sport Arena Complex Redevelopment

The Midway Village+ group showed their proposal to revamp this area to the community in Point Loma. David Malmuth’s group is looking to be picked for a city redevelopment project. The group unveiled their new plans to the public for the first time and it includes affordable housing, a 12-acre park, new temporary and permanent homes for the San Diego Loyal soccer team, and a brand new 15,000-seat arena.

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