Deal will return the waterfront property opposite B Street Pier to the Port of San Diego and open the door for redevelopment with hotels and public amenities.
The Port of San Diego is once again angling to take back a 3.4-acre waterfront site at 1220 Pacific Highway from the United States government, which has a 100-year lease.The site is currently home to around 93,000 square feet of general office space, spread across one- and two-story buildings that are currently used as general administrative space for several Navy tenants, a spokesperson for the agency said.
Per the terms of the negotiated deal, the Navy’s lease will automatically terminate after a 60-day due diligence period that starts once the agreement is executed. The federal government will then receive a short-term permit for continued use, and have up to four years to vacate the premises. “The Navy will relinquish its lease of the 1220 Pacific Highway property to the Port of San Diego although 27 years remained on the lease,” said Rear Adm. Brad Rosen, who is commander of Navy Region Southwest. “The Navy negotiated with the port on an agreement that meets our requirements while accommodating the port’s interest for redevelopment with their Central Embarcadero redevelopment plan.
Most recently, in November 2005, the agencies agreed on paper to consider a deal that would allow the port to acquire the Navy’s 1220 Pacific Highway leasehold for $26.5 million worth of replacement facilities. The deal terms, kept alive for seven years, eventually expired because the port wasn’t able to come with the funds.
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