Cisterra Development recently published some info about an incredible new project for downtown San Diego. They are proposing to build a multi-use development on 7th and Market (between 7th-8th and Market-Island…just east of Alta/CVS and west of The Mark). Here is an overview of their proposal:
Ritz Carlton Hotel
The main portion of this project would consist of a 184 room Ritz Carlton hotel. Downtown San Diego has a shortage of hotel rooms and has been at risk of losing the famous Comic-Con which brings millions of dollars into our local economy. And even though there has been a recent boom in hotel development, having a luxury hotel like the Ritz would be great for downtown.
Ritz Carlton Condos
In addition to the hotel, Cisterra plans on building 68 luxury residences as part of the hotel. Similar to the Metropolitan Club atop the Omni Hotel, these condos would be attached to the hotel and would (presumably) have access to the hotel’s amenities and services. Currently The Metropolitan Club is the only true condo-hotel downtown that you can actually live in – the Hard Rock Hotel is also a condo-hotel, but the rooms are designed as hotel rooms and not as a home.
Whole Foods Grocery
Yes, I said WHOLE FOODS! Part of the Cisterra’s plans are to incorporate a 40,000 sqft “world- class gourmet grocer” into the ground floor of the project. Most existing Whole Foods are between 30-45K sqft, so this follows their business model and Cisterra’s rendering certainly suggests that Whole Foods is definitely going in. What do you think?
The 7th and Market project will also include 168,000 sqft of Class A office space. Hopefully this will encourage more businesses to move downtown and further support the development of the area. Cisterra is just completing Sempra Energy’s new office (directly to the south) and built Diamond View Tower as well. I think this is a key to improving the downtown real estate market.
Another component will be 110 “market rate” rental units and 35 affordable housing units. This is a zoning requirement and is common for downtown projects. The project will also have two ground floor restaurants (part of the hotel) and a 6000 sqft out door public space. A total of 917 parking spaces will also be built (248 public, 669 private).
I think this would be a great addition to downtown San Diego. Yes, some of the condo views will change and be obstructed, but I think project will ultimately increase the desire to be downtown and result in higher demand for downtown real estate. There’s no timeline on this project, but I’ll be sure to keep you posted.
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Denny Oh 858-243-2092 [email protected]