The developer planning to transform Horton Plaza into a tech campus announced Monday it has secured a $330 million construction loan and work will commence shortly.
Los Angeles-based Stockdale Capital Partners said the loan, provided through group of funds managed by Alliance Bernstein, will allow 600 to 800 construction workers to start work creating the largest urban tech campus in the United States.
“With all major entitlement hurdles behind us and this financing now secure, we look forward to completing our redevelopment and revitalizing this incredible asset,” said Daniel Michaels, a managing director at Stockdale. “We are moving full steam ahead with leasing discussions and hope to announce a mix of exciting and impactful tenants shortly.”
The future Campus at Horton will include 700,000 square feet of office and 300,000 square feet of retail space, including restaurants and entertainment venues.
A team of architects and consultants, led by Retail Design Collaborative and Rios Clementi Hale Studios, will bring leading-edge architectural design to the project.
The redevelopment is scheduled to be completed by the end of 2021 and will then be home to 3,000 to 4,000 tech jobs.
“We’re creating what we believe is the best product of its kind in San Diego—a place that will be a hub for thousands of high-tech jobs from all across California and for San Diegans to enjoy and experience,” said Steven Yari, a managing principal at Stockdale.
The developer has a history of transforming failed shopping centers into desirable high-tech, mixed-use office hubs, with successful projects in Scottsdale, AZ, and Los Angeles.