The San Diego Community College District Board of Trustees has adopted a long-term ground lease in the Upper East Village for a full city block that will be developed into a mixed-use development in the I.D.E.A. District.
As part of the 99-year lease, Lowe Enterprises, Inc. and I.D.E.A. Partners, LLC. will develop the block bounded by E, F, Park, and 13th streets. The rent paid to the SDCCD will be $56,625 per month.
“This project will benefit both City College and the East Village community by creating a vibrant new mixed-use development,” said SDCCD Chancellor Constance Carroll. “In addition, this project will create a new source of revenue the district will use for building maintenance. Our two bond measures fund the cost of construction but not the cost of maintaining the facilities we build, so we are putting our own surplus property to work in order to develop revenue for this purpose.”