Building Downtown for the Next Generation of Companies
With attracting young, millennial talent a priority for employers, downtown San Diego is undergoing new office development and older buildings are being modernized to accommodate collaborative space and new amenities.
Ten years in the works, Manchester Pacific Gateway will soon break ground on downtown’s waterfront. The $1.3B, 2.9M SF mixed-use development is a public-private partnership of local developer/owner Manchester Financial Group and the U.S. Navy. Designed by Gensler, this project ultimately will add nearly 1.1M SF of Class-A office space and about 291,264 SF of destination retail, providing tenants a full range of on-site retail amenities.
Plenty of office is underway. Kearny Real Estate Co. is modernizing the 30-story office tower at Emerald Plaza. In East Village, Lowe Enterprises is putting the finishing touches on IDEA1, a mixed-use development with a mix of residential, office and retail space. Additionally, Block D, a six-story, $23M office building in the Makers Quarter is under construction. Makers Quarter projects will provide 971K SF of office space over the next five years.
Lowe Enterprises Senior Vice President Mike McNerney and I.D.E.A. Partners partner David Malmuth discussed IDEA1. Designed by locally based The Miller Hull Partnership and developed by a JV of Lowe and La Salle Investment Management, this is the first project to rise in downtown’s 93-acre I.D.E.A. District. Malmuth said when the I.D.E.A. District was conceived “downtown had the live and play but not the work. There has been huge growth in office space throughout the region, but not in downtown. The success of the region will be dictated by how well we attract educated 25- to 36-year-olds. We need to nurture the downtown environment to grow the next generation of companies.”
“We’re creating a place for really smart people, for entrepreneurs to live and grow their businesses in downtown,” McNerney said. “Our [original] goal was 50/50 residential/commercial. The brokers told us, ‘if you build it, they will come.’ The banks said ‘if you can get an office tenant, we’ll finance it.’”
Ready for occupancy in October, IDEA1 at 1200 F St. offers 292 studio and one-bedroom apartments and about 14K SF of commercial space, the majority of which has been pre-leased. Signing an 89-month lease for the 7,717 SF office component, Seer Interactive, a Philadelphia-based digital marketing agency, is moving its San Diego office here. Tacos by LoLa 55 will also be on-site, and McNerney said a gourmet coffee shop is expected to take the remaining retail space.
The project features a central 10K SF atrium/courtyard called The Hub, which is designed as a flexible, collaborative gathering space designed to connect, inspire and generate innovative ideas and will also host social and educational events.
You can live at IDEA1 & eat tacos too. Fresh tacos by Lola 55 will be on the ground floor!
If you are looking to live in the most innovative live + work + create community in San Diego, welcome to IDEA1. Sign up for our Residential Interest List and get first dibs as 1&2 bedroom apartments, live/work lofts, and penthouses become available. IDEA1 opens December 1st, 2017 so don’t miss out!