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It seems so counter-intuitive to charge so much for retail space when almost all of those storefronts remain empty, and there are some that have remained so for years.
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=== CUSHMAN & WAKEFIELD TO ACQUIRE BURNHAM REAL ESTATE 18 Dec, 2007, San Diego, CA Premier Southern California firm to join global platform of the world’s largest privately held commercial real estate services company Cushman & Wakefield, the world’s largest privately held commercial real estate services firm, today announced it has reached an agreement to acquire Burnham Real Estate, which has operated as San Diego’s largest, independent commercial real estate services firm for 116 years. The agreement, scheduled to close in January, is expected to position Cushman & Wakefield as the leading commercial real estate firm in San Diego and to further strengthen the firm’s expansive Southern California operations. For Burnham, which is headquartered in San Diego, the move provides its professionals direct access to a premier, full-service platform of 215 offices in 56 countries. Terms of the agreement were not disclosed. “Burnham is the industry prototype for the premier regional firm,” said Bruce Mosler, president and chief executive officer of Cushman & Wakefield. “Our clients expect the best representation everywhere they conduct business, and its strategic acquisitions of firms like Burnham that have helped Cushman & Wakefield to expand its reputation for excellence locally and globally.” Burnham Real Estate, founded in 1891, has grown to become one of the region’s largest and most diversified full-service real estate companies with 250 professionals and employees operating from three offices in San Diego County, one in South Riverside County/Temecula, and one in Las Vegas, Nev. Services include traditional brokerage, corporate services, asset services, capital markets, advisory services, strategic corporate consulting and project management. The company’s total estimated 2007 brokerage and finance transaction volume is $3 billion. “The combination of Burnham’s Southern California expertise with Cushman & Wakefield’s global reach will provide enhanced best of class services in the region to clients of both firms,” said Tony Marano, Cushman & Wakefield’s chief executive officer for the Americas. “We both have strong cultures, we value our traditions of integrity and excellence and our professionals share a client-first philosophy – all of which make this a powerful combination of talent in the region.” Burnham Real Estate President and CEO Stath Karras said that becoming part of the respected Cushman & Wakefield brand is a tremendous opportunity for Burnham clients, professionals and employees. “Cushman & Wakefield is a natural fit for us given the similar corporate cultures and shared core values,” said Karras. “This move will provide our clients with an even higher level of service and direct access to opportunities in other markets while still enjoying the relationships they have formed with our professionals. “Additionally, our professionals and employees will benefit through increased opportunity for career and personal growth through a broader range of resources and the international network of Cushman & Wakefield offices.” Karras will serve as executive managing director of the Cushman & Wakefield San Diego operation, which after Jan. 1, 2008, will include the three former Burnham Real Estate offices, under the Cushman & Wakefield brand. The addition of Burnham closely follows Cushman & Wakefield’s 2006 acquisition of San Diego Corporate Real Estate Advisors, which signified the firm’s commitment to the region. Prior to 2006, Cushman & Wakefield served clients in the region through an alliance relationship. When the transaction is complete, Cushman & Wakefield will maintain 13 full-service offices throughout California, including 10 in Southern California. In 2006, Cushman & Wakefield completed sales and leasing transactions globally valued at more than $85 billion and had record revenues of $1.5 billion. |
A few webcam pics snapped today....
Sapphire and Bayside from Cortez Hill http://i4.photobucket.com/albums/y12...bCam/bay34.jpg ..from OAP http://i4.photobucket.com/albums/y12...am/bay34-2.jpg Vantage Pointe http://i4.photobucket.com/albums/y12...ebCam/vp34.jpg VP from afar http://i4.photobucket.com/albums/y12...Cam/vp34-2.jpg Strata going deep http://i4.photobucket.com/albums/y12...am/strat34.jpg Hilton http://i4.photobucket.com/albums/y12...m/hilt34-2.jpg http://i4.photobucket.com/albums/y12...Cam/hilt34.jpg I think this is that project by Father Joe? http://i4.photobucket.com/albums/y12.../fatherjoe.jpg The cleared site of proposed MetroCenter. It's amazing that someone wants to invest in this down-trodden area at this time. http://i4.photobucket.com/albums/y12...Cam/mall34.jpg |
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Going un-noticed are a couple dense urban housing projects in the immediate vicinity. One should be completed in the next couple months... and 2-3 other properties have been cleared for.. something. I'd like to think the housing-development crisis will not affect these, but I am doubtful. |
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I just want to know the tennants.
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Its good to see there is activity at Strata. I drive by every day and with everything below ground level its hard to tell if anything is going on or not.
The Father Joe project on 16th has to be the slowest moving project ever. Does anyone know whats supposed to go behind the Albertsons? |
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I did see the urban projects that you mentioned, and was pleasantly surprised. The area sorta reminds me of East Village before the ballpark went in, and it certainly has potential to be another great downtown neighborhood. I think instead of calling this area East Village, they should give it another name. |
Like, Really East Village.
The Easternmost Village. Or maybe. Father Joe's Village |
Good news (I think) - a major high-end kitchen retailer will be going into the ground-level at Legend, on J Street
http://www.bulthaup.com/bulthaup/int..._en_ohneMK.jpg Bulthaup, a german kitchen design center is advertised to open in May 08 and this is confirmed on it's website. Hopefully it will find a market here in the downtown condo market the way it has in major urban design areas like NY, Chicago, Paris, etc http://www.bulthaup.com/bulthaup/int...sb3_gal_05.jpg |
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Like SoLo sounds any better. :P
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if anyone's gonna be near Cortez Hill with a camera sometime, i heard Tweet Street park is now complete
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I wonder if any birds actually use it.
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More commonly, however, in the United States, barrios refer to lower-class neighborhoods with largely Spanish-speaking residents, basically the Latino equivalent of a "ghetto". The word often implies that the poverty level is high in such a neighborhood However, the greatest urban revivals are often in old industrial areas. |
Changing the name of Barrio Logan is a TERRIBLE idea
Neighborhoods achieve character through history, and you take the good with the bad Look at Stingaree - the former name of SDs sleazy red-light district is now the name of one of the city's hippest nightclubs. Part of the lure of the Gaslmap is the revitalization, knowing that a jewel was born from a former brothel-infested sleazy district When Barrio is revitalized, I want it's history to remain Look at other cities - NY, for example. "Hell's Kitchen" and "Meat Packing District". These places were once considered vile areas and are now booming and trendy. Part of the lure and nostalgia is with the names Changing the name of a notorious neighborhood is like trying to black-out it's history. It doesn't work, and it makes the neigborhood appear fake |
Steps towards East Village Law School
Sobering unit gets ready to relocate
http://www.signonsandiego.com/uniont...es/tank220.gif Nonprofit seeking lease on warehouse By Jeanette Steele UNION-TRIBUNE STAFF WRITER March 6, 2008 DOWNTOWN SAN DIEGO – San Diego's holding tank for the intoxicated may finally get a new home in the East Village, after a false start there in November and more than two years of debate over a location. The site is an empty warehouse at 16th Street and Imperial Avenue. Volunteers of America, the nonprofit that runs the sobering unit for the city and county, hopes to sign a three-year lease this month. No further approvals are needed to move the unit to the 16th Street location, but the City Council needs to sign off on spending $150,000 in redevelopment money to defray relocation and setup costs. Nearby neighbors will be the Father Joe's Villages homeless complex and the Neil Good Day Center for the homeless. With so many homeless already present, city officials may not face the same opposition encountered at other proposed sites, where neighbors were concerned about chronic drinkers leaving the four-hour holding program and loitering. Caryl Iseman, president of the East Village Community Action Network, said she's willing to see how the site works for three years. She once lived a few blocks from Volunteers of America's holding tank at 11th and Island avenues, the current location, and didn't see it as a contributor to the homeless issue. “Of all the things, that's the one that seemed to have a little less impact,” Iseman said. “People get in there and then get out. . . . They are very happy to get back home to Scripps Ranch or wherever else they were from.” Volunteers of America has fought the perception that many of its clients are homeless. According to the group's statistics, about 4 percent of those taken to the sobering unit were listed as homeless in police logs. The group says most of the 8,000 clients a year are average citizens who were caught drunk in public. Unless another crime is committed, police drop off these people at the holding tank without charges if they agree to sleep it off. Councilman Kevin Faulconer, whose district includes downtown, has led the search for a site for the holding tank, which is being forced out of its longtime home to make way for Thomas Jefferson School of Law's new campus. Faulconer pledged to keep the holding tank in his district in 2006, when he helped Pacific Beach residents block the facility from moving to that neighborhood. But the councilman's last attempt ran afoul of potential neighbors. A plan to put the facility on 17th Street between G and Market streets fell apart last fall after at least one retailer, Ace Uniforms, complained it would scare off customers. Faulconer said he thinks the 16th Street location is a good address. It's relatively close to the existing holding tank, roughly seven blocks away, and will bring more police cars into a high-crime neighborhood. “Having an increased police presence in that part of East Village is a positive,” Faulconer said. A spokesman for Volunteers of America said the group might stay more than three years at the site, though it would like to find a permanent home for the holding tank and its longer-term drug rehabilitation programs. There's also speculation that the holding tank might be incorporated with the permanent homeless shelter that a city task force is discussing. |
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Another example was the lure of SOHO, which didn't get its name until it became trendy. I think the name will change if gentrification happens. If it doesn't gentrify, the name will stay the same, as will the area. |
Terms nearing finalization for historical building downtown
New life for Old Police Headquarters
http://www.signonsandiego.com/news/m...tro_police.jpg Port District, developer nearing makeover deal By Ronald W. Powell UNION-TRIBUNE STAFF WRITER March 6, 2008 SAN DIEGO – The Old Police Headquarters, an architectural jewel that has languished near the San Diego waterfront for more than two decades, will likely begin a reincarnation as a commercial center this summer. An artist's rendering shows a view of planned redevelopment at the Old Police Headquarters next to Seaport Village. Confidential negotiations between the San Diego Unified Port District and developer Terramar Retail Centers over the financing and lease terms are nearing conclusion, and both sides are confident the $40 million makeover can begin around midyear. If that happens, Terramar says the stately Depression-era structure that is listed on the National Register of Historic Places could emerge with the verve and allure of Seattle's Pike Place Market or Boston's Faneuil Hall Marketplace. “It's a gorgeous building, and we think we can adaptively reuse it in a wonderful way,” said Terramar's Bruce Walton of the 100,000-square-foot, two-story complex at Kettner Boulevard and North Harbor Drive, adjacent to Seaport Village. The sticking point has been the nature and the amount of a subsidy the Port District is willing to provide to make the deal work. Overview Background: The Old Police Headquarters was built in the 1930s with money from the Public Works Administration. It served as a dispatch center, jail and court until 1987, when San Diego police moved to a new headquarters on Broadway. What's changing: The Port District, landlord of the complex, is entering the final stages of a lease deal to rehabilitate the headquarters. A Carlsbad developer, Terramar Retail Centers, plans to renovate the structures and make space for two large restaurants, a public marketplace and specialty shops. The future: Both sides expect to strike a deal by summer. Terramar wants to begin renovation during the summer on what is expected to be a two-year construction job. Under the development plan for the 7-acre site, two large restaurants and a public market would occupy most of the space, with specialty retail shops rounding out the mix of venues. Construction would take about two years. Walton said his company will keep 90 percent of the building intact, including its facade, which is an example of Spanish Colonial Revival and Classical architectural styles. Progress has been slow since the California Coastal Commission approved a redevelopment permit in August 2006, because of the mounting expense of renovating a historic building and the high price of borrowing money in a struggling economy, Walton said. Port Commissioner Laurie Black said a port investment will pay off when the city's former law enforcement hub is turned into a hot spot for tourists and locals. Black said the port assisted the 30-story Hilton Hotel – slated to open in November – with a $46.5 million subsidy and should help the Terramar project. Both developments are on the South Embarcadero on port-administered state tidelands, and the agency would receive rent from them. “I don't see any difference in helping build the Hilton and rehabilitating the Old Police Headquarters,” said Black, a San Diego representative on the seven-member commission. “It will be a gift to tourists and the people of San Diego.” Gary Smith of the 400-member San Diego Downtown Residents Group said he is looking forward to a rebirth of the headquarters, which has been shuttered since 1987. “We're so tired of looking at that pink monster,” Smith said. He believes the development plan could invigorate the waterfront, but fears that the port will set rents so high that only national restaurant chains will be able to afford the space. Smith said he has pushed for local restaurateur Diane Powers to bring her colorful mix of food and shops to the headquarters. He believes that Terramar will need someone like Powers to bring a local flavor to the venture. Powers held the lease for 34 years at Old Town State Park until a new concessionaire was chosen in 2005. She operates the Casa Guadalajara restaurant on the fringe of Old Town, as well as nine shops. Walton said his Carlsbad-based company has had talks with Powers and has also drawn interest from some “popular national eateries.” “It would be great to get some local business owners and operators,” he said. Walton said his company and port officials are struggling to find a rent structure that works for both. He said the port will “not be writing us a check” to assist in the rehabilitation, so the deal likely hinges on a rent allowance. Paul Fanfera, the port's senior director of real estate, said the port is reviewing Terramar's development costs as well as its revenue projections once the headquarters reopens as part of its review. “We're getting to the point where hard decisions will have to be made,” Fanfera said. Said Walton: “We're working our way through a rent and economic package, and we're optimistic that we're 60 days away from an agreement.” |
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