Need company to downtown

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But it needs tenants before it can get off the ground. At the same time, a much-anticipated project on the frontier of East Village gentrification, the IDEA District, promises to solve a lot of this.

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But it needs tenants to persuade lenders to pay for construction. The city collects sales tax from restaurants. The city also wants to create foot traffic and a sense of community on once barren or scary streets. If they have a good location and can find a restaurant to lease it, landlords often can collect not just rent but everything else it costs to own a building — the restaurants pay utilities, janitorial and other fees.

But an economy can only take so many restaurants and East Village, with very few major employers and many restaurants, seems to have hit its limit. Sempra is building its own corporate headquarters nearby and that may have an impact.

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At the same time, this area around the ballpark has become an attractive place to some entrepreneurs. Jason Hughes, CEO of Hughes Marino, a commercial tenant representation firm, said everyone wants to be in a creative, funky office space fashioned out of an older building. Underground Elephant just ed a big contract with Allstate Insurance and plans to grow to employees. One of the parcels Kulpa wanted was already leased to Walmart, which had planned an urban store but ditched the idea.

So Kulpa made a deal to sublease that from the retail giant as well. The downtown community plan calls for retail in that space. Getting an exception — a so-called conditional-use permit — requires several approvals and a public hearing.

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If those approvals are appealed, it means further delays. The stress has led Kulpa to threaten to move the whole company to Austin or San Francisco. That retail space is still vacant. BumbleBee Tuna just moved its headquarters into the old Showley Candy Factory building at Petco Park — a space that was also deated for retail. Yes, BumbleBee had to get special permits. In its Imagine Downtown visionthe San Diego Downtown Partnership proclaimed that downtown had to blossom into a tech cluster. Hughes sees a bigger problem and he said he thinks a vibrant East Village, apart from the area immediately around Petco Park, is still a decade away.

The real story, Hughes said, is in the disappearance of Class A office space, the nicest spaces in the best locations.

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Symphony TowersB St. In, andthis building was One America PlazaWest Broadway: currently The Department of Justice is in final lease negotiations to take six floors. That would reduce the vacancy rate to under 3 percent. DiamondView Tower10th Ave.

Rates are the highest in downtown. Wells Fargo PlazaB St. Koll CenterWest Broadway: currently listed at 4. The Downtown Partnership points to successes in the effort to provide work spaces for startups and technologists — places like the startup incubator EvoNexus and the open workspace Co-Merge. Co-Merge has also been a sponsor and partner of Voice of San Diego. But Underground Elephant and Red Door Interactive are not startups just clawing their way into a market or proving a new technology. So far, it has failed. His family has long owned land in what is being called Upper East Village.

The IDEA District is basically just an idea to turn this into great work spaces and a walkable, exciting place. Getting this big company to plant its flag downtown is crucial, the document says. His heart is elsewhere right now to the west, more specifically. The skepticism about East Village is familiar to Frank Wolden.

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It was hard to imagine how those would work but they did. He says things are going great. Malmuth and his partners need tenants to on so that they can get financing to start construction. When I asked whether Malmuth faced a deadline, a do-or-die moment when he might have to fold without going forward, he said no. It was going forward, he assured me. In fact, just the opposite: It will be expensive. If downtown is to become the tech hub its leaders say it must be, that idea will have to be enough. He also writes about local politics, where he frequently breaks news and goes back and forth with local political figures.

Contact Scott at scott. Username or Address. Remember Me. In. Facebook Twitter Print. Sponsor Message. Scott Lewis April 23, He will need special permission, and that will take time. Landlords love restaurants and so does the city. So places like the TR Produce Building remain vacant on the ground floor.

Photo by Sam Hodgson. Photo courtesy SD Metro. Stay up to Date. Our weekly insiders' guide to political and policy news Saturdays Exclusively for members. What do you think? More in Business. What to Read Next. Morning Report. Voice of San Diego September 21, Lisa Halverstadt September 21, Lisa Halverstadt September 15, Voice of San Diego September 15, Select One. Don't have an ? Up.

Need company to downtown

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