12 www.sdbj.com AUGUST 23, 2021 SPECIAL REPORT: EAST VILLAGE East Village Becoming ‘The Downtown of the Future’ Developers Continue to Look for Opportunities in the Evolving Neighborhood By RAY HUARD East Village is doing fine, thank you, among its past pandemic or no pandemic. projects. Some said development in the down- “It’s night and town neighborhood took a pandemic day from what it pause but others said development kept was 20 years ago,” perking along, with several notable proj- Wood said of East ects starting or wrapping up and more Village. “It’s had it on the way. challenging mo- “It has things that are opening and ments, challenging they’re making a bet on downtown and days. We think it’s that East Village is the downtown of the Jason Wood a great neighbor- Principal future,” said Betsy Brennan, president and Cisterra Development hood to reside it, CEO of the Downtown San Diego Part- work in, play in.” nership. “There’s still a Red Hot lot happening on Joshua Ohl, director of market analyt- the residential, ics for the real estate research firm CoStar, commercial, life said that there’s been a steady stream of science and every- residential construction in East Village. thing in between,” Ohl said that there was a slowdown of Brennan said, cit- activity in East Village at the very begin- ing as an example ning of the pandemic, but that didn’t last. the planned con- “The market’s struction of a $145 just red hot on the million project by Betsy Brennan apartment side,” President and CEO Cisterra Develop- Downtown San Diego Ohl said. ment – the Radian Partnership Over the next at 659 Ninth Ave. four quarters, Ohl The 22-story project by Cisterra will in- said projects will clude downtown’s first Target store and break ground in 241 apartments above the historic Farkas East Village that Photo courtesy of Cisterra Development Store Fixtures Building. will bring 2,100 to The Radian being built by Cisterra Development in East Village will bring downtown San Diego its first Target store. “We continue to look for opportunities 2,200 apartments Joshua Ohl in that neighborhood,” said Jason Wood, to market. Director of Market a principal of Cisterra. “It doesn’t seem Analytics to an end,” Ohl said. “Developers are go- “I don’t think that COVID made The company includes the Diamond like that streak of CoStar Group ing to feel pretty bullish. Renters are flock- any difference on rent-ups. All during View at Petco Park office building and having 1,500 to 2,000 units under con- ing there right now.” COVID, you had Park 12, which is 700 Sempra Energy’s downtown headquarters struction at any one time is going to come Apartment rents in East Village have units and they continued to rent up,” gone up 8.5% year over year as of mid-Au- Nevin said, referring to the apartment gust, and he said that the area has a va- project by Greystar at 100 Park Place. cancy rate of about 7%. “It’s sort of amazing.” On the office side, Ohl said “East Vil- Lynn Reaser, chief economist at the lage office is going to be more boutique Fermanian Busi- in nature verses other areas of the city.” ness & Economic Institute at Point Amazing Loma Universi- Economist Alan ty had a different Nevin, director of outlook. market research at “As is true for Xpera Group, said most downtowns, that he’s seen no residential devel- slow up in activity opers in East Vil- in East Village. lage are slowing Lynn Reaser “There is a lot down until they Chief Economist happening in East can gain a better Fermanian Business & Economics Institute Village right now, Alan Nevin read on future at Point Loma big stuff,” Nevin Director of Market demand,” Reaser Nazarene University Research said. “Within five Xpera Group said. years from now, it Nevertheless, Reaser said that “East will be mostly developed.” Village will help define post-pandemic Rendering courtesy of the City of San Diego East Village Green, a 4.1-acre park in East Village, is expected to draw other development to Leasing activity among residential proj- life in downtown San Diego. It is like- East Village. ects has remained strong, Nevin said. ly to focus on people looking to live in AUGUST 23, 2021 www.sdbj.com 13 closely-connected communities featur- the Urban Planning Division of the city ing many entertainment opportunities.” Division of Development Services. Reaser added that “Restaurants and “We’re wrapping up all the permits on live music promise to give East Village that right now,” Schoenfisch said. some of the entertainment ‘buzz’ offered Construction is tentatively expected to by the Gaslamp and Little Italy. The re- start later this year and finish in 2023. turn of tourism and convention business “By the end of 2023, we’re looking at will drive growth further.” completion if everyone stays on sched- Real estate economist Gary London, se- ule. That includes the park as well as the nior principal of London Moeder Advi- greenways, which parallel the park and sors, said that he’s allow the street to be closed on weekends seen a pause in the for special events,” Schoenfisch said. “The number of new idea there is to have a complete network residential projects of greenways that connect parks together being proposed for and residents to parks.” East Village. The city recently completed the first of With a few ex- six interconnected greenways along 14th ceptions, London Street in East Village. The $2.1 million said that “the ac- greenway project will extend 11 blocks tive development from C Street to Commercial Street. The cycle is mostly on five other greenways will run along Eighth Gary London pause and we’re Senior Principal Avenue, Cedar Street E Street, Island Av- sort of in the fill- London Moeder enue and Union Street. up portion of the Advisors cycle where vacan- A Defining Project cies are being filled and recently complet- Another key project for East Village is ed towers are looking to be filled now.” the $75 million UC San Diego @ Park Still, London said that East Village “is & Market. more desirable than ever. It’s becoming The building is quickly filling up with more interesting.” formal programming from lectures and dance performances to film showings and A Pivotal Park concerts due to start in January, according Brennan of the Downtown Partnership to Mary Walshok, associate vice chancel- said that a key project for future develop- lor for public pro- ment is the East Village Green, a 4.1 acre park grams at UC San that is bounded by F, G 13th and 15th streets. Diego and a driv- “There are a lot of projects that are sort ing force behind of waiting for that to break ground so they the downtown could go ahead and redevelop their projects,” project. Brennan said. “So many projects are around Construction it, it’s a domino effect,” Brennan said. of the four-sto- The first phase of the project – estimated ry, 66,750 square- to cost $52 million - would cover two acres foot building fin- Rendering courtesy of Liberty National Corp. Liberty National Corp.is building a 37-story apartment tower in East Village. and include a two-story, 14,200 square foot ished toward the Mary Walshok community center, a lawn area, a children’s end of 2019 but Associate Vice playground, a performance pavilion, sep- the pandemic did Chancellor for Public Walshok said her hope is that the UC this year,” I’m definitely seeing a lot more arate dog parks for slow finish work, Programs San Diego building “will help establish tenant activity on the retail side.” University of big and small dogs, Walshok said. California San Diego East Village define its unique identity in On the bright side, Parekh said new public restrooms, Media Arts Cen- the panoply of neighborhoods around apartment projects in East Village are and a 185-space ter San Diego is moving into the building town.” leasing well. below-ground with a soft opening of its Digital Gym Combined with City College and oth- HP Investors is planning a mixed-use parking garage. Cinema in October. er institutions such as the downtown li- project at 15th Street and G Street that “We anticipate “We’ll be the only art house south of brary and the New School of Architecture, will have 50,000 square feet of office that going out to Los Angeles,” Walshok said. Walshok said she sees the university form- space and 450 apartments, Parekh said. bid for construc- Among other organizations that will ing a cultural chain that extends up Park “To make it a really dynamic neighbor- tion, probably have a presence in the building are the Boulevard toward Balboa Park. hood, we need more office,” Parekh said. within the next Black Chamber of Commerce, Mission “I just hope it doesn’t over-gentrify, An ongoing issue that hurts East Vil- Brian Schoenfisch month or so,” said Deputy Director of Driven Finance, San Diego Workforce I hope there will still be diversity and lage is the number of homeless people Brian Schoenfisch, Urban Planning Partnership, and the San Diego Econom- edginess in who lives there, the busi- living on the streets in the neighborhood. deputy director of City of San Diego ic Development Corp. nesses that are there,” Walshok said. “It’s up to the city to make sure the neg- “We’re going to be a good partner in ative impacts of the homeless are going East Village’s place-making process.