In a dynamic addition to San Diego's urban landscape, Stockdale Capital Partners is gearing up to infuse new life into the heart of the city by transforming a once-bustling mall site into a vibrant, mixed-use space.
By 2025, the developer aims to kickstart the construction of 850 modern apartments, marking a significant phase in the redevelopment of the former Westfield mall in downtown San Diego. This ambitious project, with an estimated cost of $550 million, is poised to introduce two towering multifamily structures, each stretching 40 stories high, into the city's skyline.
The first of these towers is set to house 518 apartments, coupled with 12,600 square feet of retail space at ground level and ample parking facilities. Following closely, the second tower will boast 332 apartments, further enhancing the residential offerings of the area. The vision for these towers aligns with the city's long-term development plans and is currently in the preliminary stages of design.
As part of the larger "Campus at Horton" initiative, these residential buildings aim to complement the nearly completed 700,000 square feet of office and retail space on the former mall site. Stockdale's commitment to this redevelopment is evident in its diverse array of retail tenants, including Sprouts, Shake Shack, Sweetgreen, Salon Republic, and the recently added Rumble Boxing gym. These establishments, along with potential office and life science tenants, are set to create a buzzing, integrated community.
Residents of these towers will enjoy a plethora of amenities, including a rooftop pool, gym, clubhouse, and a dog park, along with an internal pedestrian walkway linking the residential and commercial zones. This addition is timely, as downtown San Diego's apartment market has seen a robust demand over the past decade, despite a recent slow in demand, as indicated by an 8.1% vacancy rate.
The strategic location of these apartments, adjacent to office and retail spaces nearing completion, is expected to attract tenants seeking a reduced dependence on cars, aligning with regional urban planning goals. This development comes at a time when downtown office spaces, including those managed by Stockdale, are navigating the challenges of higher vacancies and evolving work arrangements post-pandemic.
Furthermore, the broader downtown area continues to evolve, with significant projects like IQHQ's $1.5 billion life science campus on the waterfront, which is yet to announce its tenants. This multifaceted approach to urban redevelopment by Stockdale Capital Partners symbolizes a forward-thinking strategy to reinvigorate and reshape the heart of San Diego.
Source: CoStar, MMCG