Yesterday a unanimous vote by the California Coastal Commision has blocked plans for development of the Pacific Gateway Project, the long-planned and long-thought of 16 acre waterfront development along Harbor Drive where the old Navy buildings sit at the foot of Broadway. The paln was to add three hotels, four highrise office buildings, a museum and open park space and was scheduled to break ground by the middle of 2012. It was to have allegedly created over 7,000 jobs and revenue over a billion dollars. The main reason it seems for the rejection is that since plans were put in place years ago, state coastal requirements have changed and developers must now come up with a newer plan. Since the Navy will be housed in this development, security issues no doubt come into play as well. As a resident of the Marina District and someone who sells Marina District Condos and Highrises, I have mixed emotions on the decision. Call me selfish, but this delay on building will save my view of the waterfront that I currently have. We all know what water views can mean in the sale of property in the Marina District. I was warned, I confess, back in 2007 when I purchased the highrise that there were plans in place for the Navy buildings to be demolished and built up again, but I specifically remember most folks being pessimistic about its chances of getting to fruition. They continue to be right. I now believe that mediation through the courts will take this project out at least another 2-3 years. Still, I admit that I am all for the economic growth that the project would bring the area especially in these tough times. The area has already been beautified wonderfully and currently there are two projects already underway (Ruocco Park and the North Embarcadero Visionary Plan) to add outdoor space to the area. So things still improve here in Paradise- the Marina District San Diego Properties for sale are out there for the taking. Please join me here!
This entry hasn't been re-blogged:
Re-Blogged By Re-Blogged At
Find what you need?
See More Blog PostsAbout Real Estate! SEE MORE NOW!