Fortunately for the Downtown San Diego real estate market, 2004 has been a good year.
Record numbers of condominiums (2,100), hotel rooms (580), and parking spaces (4,603) were built, raising the cost and the awareness of living Downtown San Diego. The majority of the boom has spawned from the opening of Petco Park in March of this year.
The ballpark accounts for the majority of new parking spaces and is also luring residents from all of San Diego County to this up-and-coming area. The enthisiastic crowds are having a domino effect on local restaurants and shops who are benefiting from the seasonal crowds that venture into the city.
The San Diego Convention center, built in 1989 and expanded in 2001, has been largely in need of the hotel rooms, as the city’s supply hadn’t quite accommodated shows that have been turned down in the past. And with the recent housing additions, and more to come, residents are calling for more resources to make Downtown a truly livable community.
The first high-rise office building added in 13 years is near completion, and other small office parks are on the rise. With awareness that residents would rather stay close to home, the demand for office space is high. Residents are also calling for more schools, churches, hospitals, police departments, pedestrian bridges (one in planning stages), and community parks.
The City Council is planning to impose a housing unit fee of $3,970 for contractors to pay. Commercial space will get a $2.02 fee per square foot. These funds are expected to fund future community development and begin the ground-breaking of the new library.
