SAN DIEGO | Boom Rundown, Vol. 2 - Page 47

keg92101 · #**921** Posted **Apr 20, 2007, 2:09 AM**

Quote:

Originally Posted by sandiegodweller

I don't pretend to have any inside information on this site but here are the sq. footages listed for Cosmo Square

Residential 326,500
Office 16,700
Retail/Commercial 12,700
Public/Civic 12,600

It adds up to 368,500 sf on a 60,000 sf full block. That equates to a 6.14 FAR. If they can in fact get density bonuses to 7.0 FAR (420,000 sf) or 7.5 FAR (450,000 sf) they aren't using it. Therefore, the acquisition of the additonal 4500 sf firehouse site is NOT accretive to the transaction, it is dilutive. Obviously, the City might make it a Condition of Approval to relocate the firehouse but it is certainly not a very good deal for the developer.

All of these numbers are net SF, not Gross. If you factor in 15% ineficiency, which is typical, you come up with about 423K SF.

SDCAL · #**922** Posted **Apr 20, 2007, 2:38 AM**

Quote:

Originally Posted by sandiegodweller

As someone who lives smack in the middle of this corridoor, I agree that it will be fine n the long run. I personally don't think that there is any demand for additional sq. footage in this area until some of the empty space (and hundreds of residential units in Pacific Terrace, ICON, The Mark, The Lengend) fills up.

It's always a gamble regardless of the inventory/market. Since these big projects take years to complete, the ones that start when the market is hot face a downturn right around completion like some of the projects that are finsihing now. If Cosmo square and the like start now, maybe they have analyzed projections and decided to take a gamble that the inventory will fill and the market will rebound somewhat in the next few years while the projects being built. It's basically a gamble regardless of the conditions at start because nobody can predict the future.

I have been hoping for more office space as I think bringing jobs downtown would help spur all growth (residential/retail), however I am waiting to see if Diamond and TR Produce fill up. TR Produce building has been up for some time but everytime I walk past it the building seems vacant

keg92101 · #**923** Posted **Apr 20, 2007, 3:21 AM**

Quote:

Originally Posted by SDCAL

It's always a gamble regardless of the inventory/market. Since these big projects take years to complete, the ones that start when the market is hot face a downturn right around completion like some of the projects that are finsihing now. If Cosmo square and the like start now, maybe they have analyzed projections and decided to take a gamble that the inventory will fill and the market will rebound somewhat in the next few years while the projects being built. It's basically a gamble regardless of the conditions at start because nobody can predict the future.

I have been hoping for more office space as I think bringing jobs downtown would help spur all growth (residential/retail), however I am waiting to see if Diamond and TR Produce fill up. TR Produce building has been up for some time but everytime I walk past it the building seems vacant

DVT is absorbing at a pretty good rate, and TR Produce, I think, is 80% sold. Broadway 655 is at 90-95%, and that took a little over a year to achieve that, which was ahead of most projections. Sooner or later, a major company will make the move to attract all the talent that lives downtown, and others will follow....

eburress · #**924** Posted **Apr 20, 2007, 4:01 AM**

Quote:

Originally Posted by keg92101

Sooner or later, a major company will make the move to attract all the talent that lives downtown, and others will follow....

I hope you're right, but the city's going to need to get a LOT more aggressive with incentives and such.

keg92101 · #**925** Posted **Apr 20, 2007, 6:47 AM**

Quote:

Originally Posted by eburress

I hope you're right, but the city's going to need to get a LOT more aggressive with incentives and such.

Maybe not... I meant that a major company already in San Diego will move Downtown, which will put them ahead of their competition within their own industry. "Live & Work Downtown, or live & work... in Sorrenta Mesa!"

eburress · #**926** Posted **Apr 20, 2007, 3:29 PM**

How many employees of ANY major company live downtown? The ONLY way a major company is going to relocate downtown is if they receive incentives. Otherwise, corporations are going to move to UC, SV, CV, RB, where land/office space is relatively cheap and where all their employees already live.

bmfarley · #**927** Posted **Apr 20, 2007, 4:50 PM**

A company with a lot of name recognition and/or public awareness locating to downtown would be sweet. But, I wouldn't want the success of downtown to be linked or tied to the ups and downs of a large company... and the more employees they'd have... the more dependant the DT economy and well beign would be depandant on them.

And fwiw... a company with name recognition and the status it could bring to San Diego.... does not mean it has to be a large company.

Crackertastik · #**928** Posted **Apr 20, 2007, 10:15 PM**

HQ for Marriott or something like that. A large company with a relatively widespread reach, and smaller centralized HQ unit. Hilton in Beverly hills is only 300-400 big. That would be a great idea for downtown. Other ideas like that would be cool.

IconRPCV · #**929** Posted **Apr 20, 2007, 10:39 PM**

Qualcomm could consolidate all its admin into one center downtown. I think they are just about the largest local corporation.

dl3000 · #**930** Posted **Apr 21, 2007, 12:29 AM**

Qualcomm could do it its mostly R&D and business type stuff, I dont think Sony USA because my guess is that they need warehouses. Banks are the best because they are purely business or service companies like insurance and stuff. Most of the tallest buildings are banks and the like anyway.

SDCAL · #**931** Posted **Apr 21, 2007, 2:14 AM**

CROs (Contract Research Organizations) which are used by Pharmaceutcial companies to conduct Clinical Trials could locate downtown. San Diego has many, PAREXEL, Quintiles, Synteract (Carlsbad) just to name a few. Staff handling data (entry clerks, analysts, clinical programmers and statasticians) are in-house and CRAs who travel 90% of the time are based in-house and travelling to hospitals and Universities where ptients are being treated to retrieve the data. Clinical trials are R&D and only require office space unlike Pharma/Biotech Discovery facilities that need labs, vivarium, etc

The plus would be that with frequent travel it's closer to the airport, the difficult part is these type of companies like to cluster around the other biotech/pharma which are all in La Jolla/Sorrento Valley area, so getting one down here would be a challenge

dl3000 · #**932** Posted **Apr 21, 2007, 6:03 AM**

Yeah sounds perfect except for the clustering problem. Guess we should just wait until land available for development goes away. Its coming soon Im sure. Then San Diego is forced into density.

keg92101 · #**933** Posted **Apr 21, 2007, 5:00 PM**

Quote:

Originally Posted by eburress

How many employees of ANY major company live downtown? The ONLY way a major company is going to relocate downtown is if they receive incentives. Otherwise, corporations are going to move to UC, SV, CV, RB, where land/office space is relatively cheap and where all their employees already live.

Lease rates are pretty close to downtown in UTC and Del Mar. There is just the perception of a lack of parking factor in downtown. However, there is more parking in DVT than in most suburban sub-markets.

stockjock · #**934** Posted **Apr 22, 2007, 10:34 PM**

I work downtown and pay $170 per month for parking. I know some co-workers who pay around $200 per month. Companies considering relocating downtown need to consider the cost of parking on their employees and for many I think that the price is going to unduly hit their workers a bit too hard in the pocket.

keg92101 · #**935** Posted **Apr 22, 2007, 11:27 PM**

Quote:

Originally Posted by stockjock

I work downtown and pay $170 per month for parking. I know some co-workers who pay around $200 per month. Companies considering relocating downtown need to consider the cost of parking on their employees and for many I think that the price is going to unduly hit their workers a bit too hard in the pocket.

When my friend lived in San Francisco, he paid $300 per quarter for a street parking PERMIT. That didn't even guarantee you a space. I'm guessing working downtown is one of the reasons why you are moving downtown. When you factor in gas, parking, and auto maintenence, downtown isn't as expensive as people think.

Derek · #**936** Posted **Apr 23, 2007, 1:07 AM**

update compliments of bushman61988 at SSC

Quote:

Originally Posted by bushman61988

Vantage Point

Work on the 3rd floor and seems to be progressing at a pretty steady pace.

Southblock Lofts

Topped out, now i think just exterior work

Smart Corner

The rendering just didnt do this project justice...they're even painting some of the exterior a sky blue that looks real nice imo.

Sapphire

Work is REAL slow, but it's progressing, cuz u can see the cement at the bottom.

Metrowork

The Mark

The Legend

Icon

Hard Rock Hotel

Electra

Is this project even topped off yet? I couldnt even count the floors.

Diegan Hotel

Diamondview Tower

Current

Convention Center Hotel

Workin on the 10th & 11th floors...i really hope this comes out better than the renderings show

Breeza

Bayside

I don't ever think i saw a project downtown progress so quickly. look how fast the garage is being completed!

Aria

Don't you love the sleekness? this is a REAL nice tower.

Aperture

Alta

bmfarley · #**937** Posted **Apr 23, 2007, 7:13 AM**

I am most impressed with Aria on Cortez Hill... then maybe The Mark.

Derek · #**938** Posted **Apr 23, 2007, 7:27 AM**

Aria is very sleek...it looks great coming off the 163 onto Ash

The Mark is becoming more and more appealing to me...it is pretty sleek and has a nice, clean design and it definitly looks better than the renderings

Derek · #**939** Posted **Apr 23, 2007, 7:28 AM**

the Diegan is looking very nice as well!

stockjock · #**940** Posted **Apr 23, 2007, 3:02 PM**

Quote:

Originally Posted by keg92101

When my friend lived in San Francisco, he paid $300 per quarter for a street parking PERMIT. That didn't even guarantee you a space. I'm guessing working downtown is one of the reasons why you are moving downtown. When you factor in gas, parking, and auto maintenence, downtown isn't as expensive as people think.

I bought downtown before working there. I'm with one of the major Wall Street firms and when they closed my former office due to its small size (only something like 7 brokers, but still profitable), I requested a transfer to the downtown office in large part due to the proximity to my future condo. It's an easy and healthy 10 block walk each way and not only will it save on gas, but as noted, I think it's a good situation health-wise.

So far, I'm really enjoying working downtown despite the cost of parking. There is so much to see and do. When I walk out of the office for lunch, the choices are nearly unlimited. Thursday (I think it was) there was a farmer's market in front of Horton Plaza and I bought some fresh fruit on my way to lunch. While it's a terrific place to work, if one's income is not the highest, I could see how that nearly $200/month parking cost might be a bit much to bear for many.