SAN DIEGO — A real estate investment firm announced Friday its acquisition of Horton Plaza with plans to redevelop.
The 900,000-square-foot downtown San Diego shopping center opened to great fanfare in 1985 but has been in decline for years.
Los Angeles-based Stockdale Capital Partners announced plans to transform the plaza into The Campus at Horton, a mixed-use retail and creative office complex.
“Our vision is to create downtown San Diego’s absolute leading creative office space,” Daniel Michaels, managing director of the firm told the San Diego Union-Tribune.
The redevelopment is expected to generate more than $1.8 billion in annual revenue and create between 3,000 and 4,000 jobs, according to the firm, which did not disclose terms of its purchase of the center from mall owner- operator Westfield.
“We’re excited to create an iconic destination that will leverage the best of downtown San Diego to create something high impact and truly unique,” said Steven Yari, the firm’s co-managing director. “The Campus at Horton will be a thriving innovation hub, comprised of creative office space, captivating entertainment options, urban lifestyle retail choices and contemporary food and beverage experiences, catering to leading technology and biotechnology employers, locally and national.”
Stockdale plans to partner with the city, the chamber of commerce, the Downtown San Diego Partnership and the San Diego Regional Economic Development Corporation to host a series of forums to gauge feedback to the project from residents.
Stockdale is aiming for a groundbreaking in early 2019, with the project’s completion slated for the fall of 2020.