The San Diego City Council Monday will consider approving a transfer of development rights for a major project adjacent to Petco Park in the East Village, allowing work to start later this week.
JMI Realty, the firm created by former Padres owner John Moores to handle development surrounding the stadium, has proposed selling the rights to build the 37-story Ballpark Village project to Greystar, a real estate management company based in Charleston, South Carolina.
The project, which would break ground later this week if the council approves the transaction, would include 720 apartment units — with some set aside for affordable housing — and 58,000 square feet of retail space. It would be located on 3.9 acres bounded by Park Boulevard, and Imperial and 12th avenues, just east of Petco Park, according to a city staff report.
The transfer is going before the City Council because the original agreements with JMI were made before the redevelopment process was abolished by the state.
The deal includes an Owner Participation Agreement, which has terms specifying the types of uses and affordable housing requirements. The agreement also includes a $4 million contribution to a pedestrian bridge over Harbor Drive, and creating 267 public parking spaces for special events.
Greystar is complying with the agreement, according to city staff.
— City News Service
