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Sorry, I couldn't resist.

What's up, my name is Andy Kaiser. I assume many of you work in the commercial real estate space locally. I've been following this blog pretty much daily since I was in middle school... back when it was on page 350. Growing up in San Diego, I've always had a passion for real estate development and appreciate your guys' contributions that make this forum the peerless source for SD development news.

Now a decade later, I am completing my Masters of Finance & Real Estate in May 2021 from the University of Alabama (Roll Tide) and seeking opportunities in commercial real estate development here in San Diego. While 2 football championships in 4 years is nice, championship developments in downtown SD is what I seek to accomplish. Any advice for a newcomer entering the industry here in San Diego?

I want to put my name out there and network more with you all, please reach out to me if you're looking for new hires or would like to have a conversation. My LinkedIn is https://www.linkedin.com/in/andykaiser0/.

Welcome! I too have been reading these threads since the 6th grade :)

I am not in commercial real estate, but Hughes Marino is probably SD's most experienced and locally based commercial real estate firm. I'd check them out and the orbit around them.

Bankers Hill is getting more height and density. Picture taken the other day from Harbor Island. This tower will be the tallest in the area at 20 stories. It will be an even cooler approach into SAN splitting the skyline when it fills in more.

https://live.staticflickr.com/65535/...d8f5d5af_z.jpg2021-04-03_08-47-53 by [url=https://www.flickr.com/photos/29362128@N08/]

Nice to meet you Andy. We've never done a general survey, but I get the general sense most of the people in these threads don't work directly in commercial real estate but rather in ancillary fields such as planning, engineering, or construction. Hard to say why, but I guess it can get boring to work all day and then come home to chat online about your work!

Getting a job in SD can be tricky, especially for a newbie. There can be a great deal of competition to live in a beach city :cool:
I've heard the City of SD might be opening up some positions in their Real Estate Dept in the May-June timeline for a July start date. The Dept has had some struggles in the recent past, but it's a decent place to work and the sheer range of properties they manage makes that sort of experience invaluable.

Love it. There is another 20+ story tower in the works in Banker's Hill, so more infill to come :cool:

Normally I'm skeptical of observation tower plans. But I like this one.

Some cities just put towers in boring spots, without having strong tourist crowds. Dallas' Reunion Tower is an example.

San Diego's would be a great location, with good crowds already within walking distance. There'd be cool stuff to look at in every direction. The waterfront point location would make it the symbol of the city and skyline.

The Olympic Torch concept looks better than the plates btw.

I do have a soft spot for Seaport Village though.

Sea Port San Diego Tower
 

I for one love the new rendering of the Sea Port tower. It's different and iconic. That's my opinion. Everywhere you go, you see all these towers that look alike. This is different and exciting. The only problem is the California Coastal Commission. Will they approve of the concept? That is the question. We all need to look outside the box.

That's awesome man, appreciate the advice. I have seen quite a bit about them and I know they're very active in the space.

Would be interesting to see what a survey would say. I'll look out for openings with the city, thanks for the pointer.

The Tower looks very Dr Seuss so it may be appropriate but something clean and classic stands the test of time. Space needle or the Stratosphere. At the end of the day its a tower not abstract art

Drove by the large block long site bounded by Grape, State St, and Hawthorne yesterday. I noticed it had been all cleared 3 months ago, I did not see any earth moving equipment just a scraped lot. Anyone know whats going on there? It has a very large development approved for it, I remember the renderings from 3 years ago or so it was 7 floors at least and quite bulky.

Regarding Bankers Hill: With all the new things that have gone in the past 3 years it kind of feels like a mini West LA strip of residential buildings. The lot behind Evolution Vegan at 5th and Quince is a perfect spot for a tower been empty for 12 years at least. Oh there is also a new crane up on a very tiny parcel in BH with no underground parking??? Not sure what is is going to be maybe a tall thin residential similar to the one at Texas and EC Blvd with no parking due to City's new ordinance.

According to the city's development map, the site is "pending completion of building plans."

Article with renderings from 2017, looks pretty nice. Hope they keep the color.

https://www.sandiegoreader.com/news/...-little-italy/

https://media.sandiegoreader.com/img...cfbaffe8abac5c

https://media.sandiegoreader.com/img...cfbaffe8abac5c

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Welcome to the forum, Andy! This is a public forum and I think people on here are from a wide variety of backgrounds. I, for example, don’t have any professional connection to real estate, development, etc, and I just live downtown and like keeping up with the projects. I am in science/biotech and am particularly interested in some biotech moving from LJ/Sorrento Valley area to downtown, like they are planning to do at the Manchester site. I’m curious to see what that will look like as far as lab space, etc. Best of luck to you in your career. Don’t forget to come in here and give us the scoop on things once you get hired ;)

BTW, check out Alexandria real estate if you’re interested in biotech at all. They are in SD and other major hubs and specialize in high-end science focused spaces. Just did a large renovation in Torrey Pines area on a campus there. Their website has some career openings here in sd

https://www.are.com/

Below is an article by Lou Hirsh of Costar from January confirming what is said above. It looks like the raised height limits will also impact development around Miramar (UTC) and Montgomery Field (Kearny Mesa). :tup:

San Diego Relaxes Zoning Standards Impacting Development Under Flight Paths

By Lou Hirsh
CoStar News
January 15, 2021 | 5:19 P.M.

San Diego City Council has approved a change in zoning codes that relax density and other restrictions for certain projects placed under airport flight paths, as the city looks to boost development of affordable housing.

The changes, recommended last year by the Planning Commission, include relaxing the current 500-foot height limit for projects placed in some parts of downtown San Diego that are not directly underneath the path of planes traveling to and from the nearby San Diego International Airport.

The regional San Diego County Airport Authority has traditionally enforced the 500-foot restriction for all of downtown, based on guidelines from the Federal Aviation Administration, but the city has sometimes granted exceptions that came into conflict with the Airport Authority during times when flight paths were changed.

The city has ultimate authority on downtown project densities in flight paths, but generally must assume increased liability in cases where it overrules the Airport Authority on a project.

After receiving input from the development community, city planners last year moved to streamline certain building codes to help developers avoid conflicting policies enforced by various government entities with input on downtown development, including city, county, federal and port district boards.

Developers have also called for policies to relax density, height and other restrictions near the airport, in order to build higher density projects on otherwise underutilized parcels in certain high-demand areas of downtown. City planners also see denser and larger projects as an effective way to increase the stock of affordable housing in the region.

The San Diego Housing Federation estimates that the region has a deficit of 140,000 housing units that are affordable to working families, due largely to severe under-construction relative to rising demand over the past 20 years.

A proposed $900 million housing bond measure on the November ballot, which sought to build at least 7,500 new affordable units throughout the city, fell short of the required two-thirds approval from voters. However, voters did approve removal of a 30-foot height limit in the city’s Midway District neighborhood, clearing the way for future high-density residential projects near the aging San Diego Sports Arena.

According to a city staff report, the changes approved this week by City Council also allow for denser and potentially taller developments near two city-owned airports used primarily by smaller craft: Montgomery Field in Kearny Mesa and Brown Field in Otay Mesa.

Approved flight-path-related changes could also bring larger developments to the area around Marine Corps Air Station Miramar in the city’s Miramar neighborhood, though the federal government has a say in projects placed near military bases.



https://www.pacificcoastcommercial.c...r-flight-paths

In addition to the Gaylord Project, it looks like the CV waterfront is finally starting to take off. I don't have full access to the article below, but it mentions construction of Amara Bay by Pacifica Cos. will be starting in the coming months.

[https://live.staticflickr.com/65535/...ba8f3522_c.jpg

https://www.costar.com/article/18760...sta-waterfront

Being primarily a lurker on here, thanks for the updates everyone.

Do you guys think it may be time for a new SD development thread soon? its becoming increasingly hard to keep up with the status of new developments, at least for me..

Thanks! Biotech in San Diego is exciting to watch right now. Lots of young talent, your "yuppies", live downtown, so it makes sense to offer places to work there as well. Alexandria and IQHQ are both interesting players to watch in the biotech development space.

We need someone to create it and give a rundown on all the major projects in the pipeline.

I'm too lazy for it so...:D

Crane is up on 220 W Broadway.
https://i.imgur.com/aLP5yd3.jpg?1

A court ruling just came out allowing the height limits to be extended from 45 feet to 65 feet in the area surrounding the Morena Boulevard Trolley stop and an increase to 100 feet near the (currently u/c) Tecolote Trolley stop.

Here's the U-T article: https://www.sandiegouniontribune.com...line?_amp=true


This is excellent news; in its current state, the trolley stations along Morena Boulevard have fairly abysmal population within their walksheds. The NIMBYs will hate this but it will be great to see some serious density start to happen along the Morena corridor.

I'm confused is this the height limit being raised along the entire Morena corridor to Clairemont Dr? Or just around the Morena and Tecolote stops? This area could add quite a bit of density if it was lined with 50 to 65 foot residential along the entire strip.

I believe this affects the areas within the Balboa Station Specific Plan and Morena Corridor Specific Plan.

Here are the proposed land use maps for each showing the boundaries of the plan areas:

Morena Corridor Specific Plan

https://i.imgur.com/eh15qaB.png

Balboa Station Area Specific Plan

https://i.imgur.com/GxsjFOB.png

It upzones the strip along Morena, but leaves most of the single-family land untouched. Could have added a lot more density, but this is probably what was politically feasible. The NIMBYism in that area is surprisingly strong for what seems to be a pretty marginal neighborhood.

Someone more knowledgeable of SD planning could correct me if I'm wrong on any of this of course; the article is pretty vague about what exactly this court ruling affects.

I think you're right about the Morena Community Plan Update. I think there was litigation trying to hold that up, but that's what just got cleared (Tecolote Station/Morena Station are within that plan area). I don't think there were issues with the Balboa Station Specific Plan though.

From the U-T article:

https://ca-times.brightspotcdn.com/d...73%2Fgc-02.jpg
https://www.sandiegouniontribune.com...moving-forward

The SPAWAR "Grand Central Station" plan is moving forward. Not sure about the buildings/heights involved (still very early in the process) but the transit implications are interesting. It's a huge amount of money to spend on a shiny project that will not go very far to fix the city's car dependency (although what will?) However, the enhanced airport connection is a very good idea, albeit imperfect considering it still requires a transfer from any other transit route.

This could also mean that the current Old Town station site and its parking lots could be redeveloped in the future, as well as many adjacent parcels that had their coastal height limits recently removed. Could be interesting to keep an eye on, but I'm wary of Hasan Ikhrata's big promises on this one.

Was just downtown, and fencing is up at 800 Broadway. They got a demo tractor there too.

Property details: https://www.loopnet.com/listing/800-...go-ca/9925012/

^ It's like a mini Aqua. Not too shabby!

Horton Plaza is nothing but bones now

This is where the 24 hour fitness waas

https://lh3.googleusercontent.com/l9...-no?authuser=0

Demo started on Broadway Navy building



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photos courtesy https://coolsandiegosights.com/

Nice with 800 Broadway finally moving forward we will have a nice cluster, forming a square actually, of height in the Eastern Core. Bosa Block, Symphony towers and Vantage Pointe!! Kind of becoming our own little version of Bunker Hill in DTLA. Who is the developer on this one again?

Fingers crossed waiting on announcement of 7th/Market!!🤞

Damn, look at those outside walls and floors. That's gotta be 2-3 solid feet of reinforced concrete.

This AMG demo crew is certainly earning their pay.

They must be making serious money because they also are demoing the Midway Post Office, which is another concrete fortress. I hope they can recycle all that aggregate and steel.

Plan would transform car-centric El Cajon Blvd into pedestrian-friendly area

https://www.sandiegouniontribune.com...-friendly-area

Speaking of El Cajon Blvd
 

I saw two new projects breaking ground while driving between the 805 and Park Blvd yesterday. One where the old Poker Room just west of the Water Tower was torn down, it has digging equipment on site. Another a bit west of Texas St is an obvious active construction site beginning a project.

At Ohio St (or Illinois always get the two confused) there has been a lot cleared now for 4 to 5 months that had outdated structures on it so I'm assuming construction will be beginning soon.

Still waiting for all those crappy used car dealerships East of the 805 on EC to start being replaced with infill, frankly I'm surprised no projects have gone in on that stretch only a self storage facility.

California Theatre
 

http://https://www.sandiegouniontribune.com/business/growth-development/story/2021-04-27/bullet-dodged-350m-california-theatre-project-on-track-to-replace-decaying-building-with-condos-hotel

FINALLY!

I have been waiting for an announcement from them for 6 years.

Is there supposed to be one coming ??

still seems awfully short ... why not 130 ft at least? :tup:

Bullet dodged? $350M California Theatre project on track to replace decaying building with condos, hotel

City Council OKs construction permits despite objections from affordable housing proponents contesting the developer’s plan to build seven, income-restricted condos
Jennifer Van Grove
April 27, 2021
San Diego Union-Tribune

https://ca-times.brightspotcdn.com/d...eatre-main.png

The project’s construction timeline is dependent on financing, the developer said.

Hmm so this whole time they still don't have financing or do the banksters have to see that the city will let you build first i.e. "construction permits"?

I was super excited about the article but looks like this gorgeous tower still isn't a sure thing as it hasn't secured financing yet. Lets hope they were just waiting on this ruling and already had a lender ready to roll.

Yeah I'm hoping it was just a "let's give them a generic quote because we don't want to provide any concrete timelines", but I'm also being optimistic on this one because I love the design.

The CA theater project will get built. They are a very reputable developer, and had strong trades union backing. With interest rates as low as they are, and folks in the upper classes dumping money into real estate, we should see the one go up in the coming year.

If interest rates are low and folks in upper class dumping money into real estate, why can’t 7th/market get off the ground?

Is Cisterra reputable?

I ask this out of frustration and genuine curiosity, I’ve been following downtown developments for nearly two decades and that site has been planning a project since I first started following.

Remember what he said about "strong trades union backing"? Take a guess what 7th & Market most definitely does not have.

yup :grumpycat:

So securing financing is partly based on having union support? The court case with 7th and Market was cleared two years ago so how are unions still affecting the green light on Cisterra's project now?

Another thing I just thought of, Bosa is holding off on his ready to go semi twin to Pacific Gate because he feels demand for high rise condos is quite soft and is still trying to sell out Savina and PG.
Contrast this with CA Theatre, it's in a waaay less desirable part of DT than Bosa's site yet they think they can sell luxury condos there.... What do you guys think. :shrug:

You have to look at this from the perspective of an institutional investor. Investors hate uncertainty. They don't want to spend years or even decades sitting on a fat stack of cash when it could be invested and making them more money. They want to know exactly when their money will be needed and how much, so they can arrange for the funds to be available then and keep them working beforehand.

This is where 90% of NIMBY and trade union power comes from. If a developer is determined, and city leaders approve, the project will get built eventually. But "community opposition" can create a cloud of uncertainty for investors. Will someone file a CEQA lawsuit? They'll probably lose, but there's a good chance a judge will file a stop-work order if there's even an outside possibility there really was something left out of the EIR. And what if there was? No way of knowing that for certain, and if there was that resets the whole environmental process. What if they lobby city council to get the project killed? In San Diego that generally doesn't work, but you can never really know with politicians. What if they start a protest in front of your future construction site and construction partner decides the bad press isn't worth it? And so on and so on...

If a project's schedule might randomly shift by 2-10 years, an investor just isn't going to make a commitment until that uncertainty is reduced. They're going to wait until the environmental process is complete (including resolving any CEQA challenges), the building permits are secured, and city hall has given their stamp of approval. But then, their money is still invested in other things so it will take time to pull it out of that and bring it to bear on your new development. Hence why you often see a 2-3 year wait after a controversial project gets its final approvals and the funding is completely secured/construction begins.

By the by, Bosa said demand for waterfront high rise condos is soft. Aka the ultra-high premium market. CA theater's condos will be expensive, but not "we're going to throw in an on-demand car and driver service for no extra charge" level of expensive like Pacific Gate. Still room for growth there I'm guessing.