San Diego's Horton Plaza Makeover - "The Campus at Horton"
Major changes are soon to be underway at Downtown San Diego’s famed -- but in recent years increasingly vacant -- Horton Plaza regional mall. After unanimous approval from the San Diego City Council on May 20th, new ownership is moving forward with an ambitious plan to renovate the center and create a vibrant mixed-use use tech hub “The Campus at Horton”.
Stockdale Capital Partners purchased Horton Plaza last summer from Westfield Partners. Their transformative plan is expected to attract tech companies to Downtown, with the potential to create 4,000 jobs. The City agreed to reduce the minimum required retail space at Campus at Horton -- downsizing from 600,000 SF to 300,000 SF -- as existing mall space will be converted into a mixed-use technology office complex. Stockdale proposes to upgrade the remaining retail, entertainment, and food and beverage uses.
The office space will include four new floors comprising 150,000 SF to be added atop the former Nordstrom department store, while the Bradley Building that sits adjacent to the Horton Plaza Park will be renovated into a food hall. The Lyceum Theater, home of the San Diego Repertory Theatre, will also be undergoing upgrades.
Keyser Marston Associates, as Civic San Diego’s economic advisor, determined the estimated value of the land use restriction (allowing for a reduction in retail space and conversion to other uses) to be $6,761,000. In exchange for the change in land use, Stockdale agreed to provide equivalent public benefits to the City. These will take the form of a combination of enhanced private security for Horton Plaza Park and an extension to the Lyceum Theater Lease, at the current rate of $1 per year, through January 2035.