![]() |
Quote:
I just hope CCDC forces the developer to redesign the base (as well as some exterior detail) before this project receives approval. Quote:
That it's being called the Marriott Convention Hotel, makes me think it will be a major developent. |
It appears The Diegan aka The Setai San Diego, is headed for full-scale hotel status instead of being a condo-hotel.
The Market For Condo Hybrids Is Trending Down, Experts Say By Penni Crabtree SAN DIEGO UNION-TRIBUNE STAFF WRITER July 8, 2007 As one of the hot new hybrids – part condominium, part hotel – The Diegan, along with a handful of local projects, aims to reshape tourism and the luxury condo market. Developers began embracing the condo-hotel concept in the late 1990s when financing for conventional hotels became difficult. By preselling units before construction, developers were able to obtain loans and other investor money more easily for high-end hotel projects. Buyers, who own the units but occupy them only a fraction of the year, could also benefit because a condo-hotel allowed them to cover part of their costs by collecting some of the revenue generated by hotel guests who use the room. Yet some real estate experts say the market for condo-hotels has changed, tracking a similar downturn in the traditional condo market. In San Diego, sales in May of resale condos were down 16.6 percent from May 2006 and down 53.5 percent from their peak pace in April 2004, according to DataQuick Information Systems. The median condo price in San Diego was off almost 4 percent from May 2006 to May 2007. “The condo-hotel investment market has cooled off, just like the residential market has cooled off,” said Gary London, president of San Diego's London Group Realty Advisors, a real estate consulting and feasibility firm. “I haven't seen the concept be successful except in the very best of locations.” High-profile condo-hotel projects in San Diego include downtown's Hard Rock Hotel and Hotel del Coronado's Beach Village villas, both of which are under construction. The Diegan, slated for completion later this year, recently acquired its branded operator – New York-based The Setai Group – and will change its name to Setai San Diego, according to a news item posted Monday in the online edition of the San Diego Business Journal. Nick D'Annunzio of Tara Ink, which is handling publicity for The Diegan, said Tuesday that an official announcement will be released tomorrow. The Setai Group, a development firm that specializes in luxury residential and boutique hotels, did not return telephone calls. Whether The Diegan remains a condo-hotel project remains uncertain, according to stakeholders in 5th Avenue Partners, the company that is developing the property. Steve Rebeil, majority partner in 5th Avenue Partners, testified last month in a court case that the condo portion of the condo-hotel will likely be scrapped because of poor market conditions. Derek Clark, another partner in 5th Avenue, said last month that the local condo market has become “aggressively downgraded in pricing” and that consultants “are telling us that it is probably better to run it as a hotel.” “I don't know where this will play out,” Clark said. “We will let the market determine that.” The Diegan's rooms, suites and penthouses, ranging from 400 to 2,700 square feet, are being marketed in the $400,000s to $3.8 million range. The residential units will boast 10-foot ceilings and interiors constructed from imported stone, marble, exotic woods and art glass, according to a recent news release. The hotel will have a restaurant, spa, fitness center, pool and the House of Blues music club. Gina Champion-Cane, a San Diego developer who proposed the House of Blues/Diegan complex in 1998, said The Diegan is a good project that captures the imagination and financing. And she credits Rebeil with the moxie to finish what she couldn't. “Development is a very tricky, bizarre business and, frankly, developers are not the nicest of people,” Champion-Cane said. “It really took a cowboy and entrepreneur like Rebeil. I don't think any of this would have happened without him.” Champion-Cane originally proposed a project that included the House of Blues, a small condo complex and a parking garage. But the project became mired in regulatory and financing issues, as well as problems with her then-partner Stanley Hanson, who later brought in Rebeil. In 2001, Champion-Cane and Hanson had a legal dispute over the project, which ended in a settlement. The former partners declined to comment, and the Orange County Superior Court case file was destroyed. |
Quote:
|
Another Marriott in downtown? That plus the proposal for the Nickelodeon/Marriott resort near the airport and it seems like these guys have a hard-on for San Diego!
I'm kind of dreading the idea that the proposed Marriott will resemble the mega hotels on Harbor: Tacky, no consideration for the urbanity on its streets, large parking garages. I'm hoping that's not the case. |
IMO i think you guys are complaining WAY too much about the Shapery Park Tower.
Sure, the design is a little odd, and there's above ground parking, but at least they tried to hide with glass and some of that weird exterior. Plus, it's something different! It's so NICE to have something DIFFERENT for once, and like someone said earlier, having this being built by the architect who made the Emerald Plaza definitely gives him some credibility. Plus, you got a rooftop restaraunt at one of the best locations possible, LEED certified, AND a glass elevator! (i'm sorry, but to me, that's really cool) C'mon guys, AT LEAST the architect is trying to make something decent for San Diego and isn't half-assin the design like so many towers out there (to name a few The Mark, Allegro Tower, the Legend, Fahrenheit, Cortez Blu). LIGHTEN UP!! |
Quote:
if the proposal is for another regular Marriott I say to Marriott to stay away becasue we have too many, but if it's a JW Marriott I say welcome because they are very distinct from other Marriotts |
Chula Vists's loss is dissapointing, but look at it this way - - the addition of a convention center there was being touted as possible competition for SD's convention center. Maybe developers will invest more into attracting and maybe expanding (if there is any room???) our downtown convention center since it's obvious the surrounding cities are unable to lure investment. Even though our CC seems large, it is still not big enough to hold mega-sized conventions that would probably go to LA
|
ABOUT UNIONS
Our conservative-slanting media is making the pullout from Chula Vista of the project seem like the fault of the Unions, that is simply not ture. San Diego's union force is minute compared to other cities such as Chicago, yet mega-projects have no problem getting off the gound there. THIS IS SOLELY THE FAULT OF THE LOCAL CHULA VISTA GOVERNMENT, STARTING WITH THE MAYOR If these government officials had ANY skill at all and were doing their job, they would have mediated and arrange compromise between the union and developer. This is common practice in all big cities, and they failed. It is really sad that our red-neck nazi media outlets slant the stories to put the entire failure on the unions, and none on the localgovernment |
Quote:
|
Quote:
On a different note, it looks like on the CCDC website, they posted the design review or planned design review that's suppose to be going on this Wednesday for that Marriot Convention Hotel we're heaing about. By the way, i read some of the review and was VERY disappointed to hear the towers they were proposing weren't 500 feet or more (487 feet in two towers). Let's just hope the design is something fresh. I really want to go to this design review to catch a glimpse of the towers, but where would i go? |
Quote:
|
So.... Gaylord + $1 billion + Chargers = New stadium/convention center at the Qualcomm site?! C'mon! The Chargers were looking for a developer with that kind of cash to invest... now they have it....
|
Lufthansa to fly to San Diego?
came accross this on the net, wonder what if anything came from the meeting
CALL TO ACTION Issued by Airport Authority Source: San Diego County Regional Airport Authority Date: April 27, 2007 LUFTHANSA PROGRAM: CALL TO ACTION The San Diego County Regional Airport Authority will meet with Lufthansa airlines in late May to make a business case for San Diego as a hub for their airline operation. The Airport Authority requests information from San Diego County organizations and corporations in advance of this initial meeting with Lufthansa. Nonstop international air service has great economic impact on the regions that enjoy such service. For instance, the city of Phoenix estimates their flight to London adds $238 million in annual economic impact. The city of Portland, Oregon estimates their flight to Frankfurt adds $90 million in annual economic impact. San Diego, as the single largest US city without nonstop service to Europe, is at a distinct disadvantage in attracting this valuable international economic activity. In fact, many San Diego businesses lose precious hours of worker productivity by connecting their staff or customers over other hubs or worse having them spend the day driving to LAX. Unlike prior European service to San Diego, a Lufthansa flight would enjoy full frequent flyer reciprocity with the United Airlines Mileage Plus® and USAirways Dividend Miles program. Additionally, the flight would likely have a United Airlines flight number making the service available to San Diego-based corporations, government and defense contractors, who must use domestic service providers under the “Fly America” federal regulations. A Lufthansa service would therefore be able to attract from a wider pool of potential business travelers. Your Support is Needed to Make the Business Case In advance of a late May meeting, the Airport Authority needs to demonstrate to Lufthansa the willingness of key San Diego County institutions and corporations to support a potential service by the airline to San Diego. In order to be successful at this initial meeting, the Airport Authority requests a letter of support from the CEO (or highest ranking San Diego-based executive) of your member corporations by May 15th. For your reference a sample letter can be provided. Please contact Mr. Hampton Brown (see below) for this sample letter or for more information. While initially a letter of support would be useful, if the discussions progress, the airline will likely ask the San Diego community for more firm commitments prior to launching service. An example of future commitments may entail pledges to spend a portion of your organization’s Europe travel budget on the potential nonstop flight. Contact: Mr. Hampton Brown Manager, Route Service Development San Diego County Regional Airport Authority P.O. Box 82776 San Diego, CA 92138-2776 619-400-2876 via e-mail / pdf: hbrown@san.org If you have any questions regarding this request, please contact Mr. Hampton Brown, Manager of Route Service Development at 619-400-2876 or hbrown@san.org. |
So what kind of plane would they use? I'm glad Lufthansa is looking at San Diego though.
|
If Shapery Park submerges all of it's parking, I might consider liking it more. ;)
|
Do the cargo trains that run straight through the middle of downtown, cutting off traffic flow and creating a ton of un-necessary noise piss anybody else off?
I propose submerging them, right under where the current tracks are, replacing the above ground rail with more trees, shrubery or a nice little flower garden, it could'nt hurt. |
Wow lots of activity (or inactivity CV bayfront) and great ideas going on right now. About the Gaylord/Chargers issue. I think these two should really team up on a site be it CV bayfront, Mission Valley, or Tenth Ave marine terminal with possible Arena there as well.
Ok list of VASTLY UNDERUSED Metro SD sites 1. CV and National City Bayfront 2. Qualcomm Stadium Site 3. Sports Arena Site 4. Tenth Ave. Marine Terminal 5. Obviously land on PCH and Harbor downtown but plans are moving ahead 6. Fiesta Island Mission Bay 7. Shity Trailor Park/Mobile Home Park on East Mission Bay Here is an idea I know locals and environmentals will go ape shit over but here it is: Fiesta Island -- Hotel, luxury condos, Chargers Stadium, and possible arena if there is room. You get Gaylord and Spanos and maybe Ernie Hahn and his cronies to invest. Build a huge freeway offramp from I-5 directly into Fiesta Island. What do you guys think. Centrally located, views, beaches, parks etc?? Might work... But would be HUGE NIMBY fight lol! |
Looking for advise - new to the luxury high rise condo world...
I have been quickly browsing through the thousands of posts here on the site and while most of the discussion has to do with new high rises and the growth of San Diego – a few of you live in condos and have good feel for the market. If my post is not appropriate for this forum – please excuse this question.
I am in the market to buy a condo and have a unit on reserve at the Legend. I have until this weekend to decide if I am going to buy it or let it go. My main fear in investing in a condo like this are: 1. HOA Fees – they seem super high – but not just here – most everywhere HOA fees are going to be $500+. That money that is not tax deductible and if you are not taking advantage of the property – it is down the toilet. 2. Prospectors – the Legend will start closing their units this fall. Would it be wise to buy a unit right now at full price or wait till there is a flood of prospectors trying to unload their units. I am sure many of the buyers got in super early have great prices locked in. Taking a cool quick 10-20% profit might be a chance for me to land a better unit at about the same prices I am getting right now. 3. The whole San Diego market in general – every real estate agent I talk to in San Diego tells me prices are going up and up. That “we are past our little correction”. I am not sure I believe them. My goal in buying a condo is to have a great 2nd home. I live up in LA and San Diego is a great place to visit. I am a season ticket holder for the Chargers and go down there every chance I get. I want something that is unique and special – not the run of the mill condo. I feel like at the legend I am getting an above average unit in a very unique and special building. Any input or advice would be greatly appreciated. Thank you (potential new San Diego resident!) |
Quote:
|
Do not beleive the realtors who tel you prices are going up. I have noticed quite a few of the properties are getting cheaper (the Grande, Little Italy). You might want to hold off for a few months.
|
All times are GMT. The time now is 11:46 AM. |
Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2023, vBulletin Solutions, Inc.