REAL ESTATE: PROJECTED COST HITS $3.5B ON DOWNTOWN MEGA-REDEVELOPMENT
By Ray Huard
Monday, March 14, 2022
The price tag on a massive redevelopment that will replace Seaport Village on San Diego’s downtown waterfront has jumped from $2.5 billion to $3.5 billion under a revised plan.
The $1 billion increased cost of Seaport San Diego is due partly to a surge of new development downtown focused on job creation, which prompted Seaport developers – 1HWY1 – to rethink the project, adding hotel rooms and expanding other portions of the project that will include a 500-foot-tall observation tower that will itself contain a hotel.
The project also has grown from about 70 acres to 105 acres of land and water – and now includes about 36.6 acres of land and 68.5 acres of water stretching from Embarcadero Marina Park North to just south of the USS Midway Museum.
Concern over climate change also has led to some design changes that include raising the overall site an average of three feet, said Yehudi “Gaf” Gaffen, the founder and CEO of Gafcon, who formed 1HWY1 to develop Seaport San Diego.