Last week, California legislature passed a bill that will impact downtown San Diego’s future…in a good way. Generally speaking, the new bill removes the cap on how much tax revenue the Centre City Development Corporation(CCDC) can collect and spend. This means that the (re)development of downtown San Diego just got whole new outlook.
Prior to this new bill, CCDC had a $2.9 billion spending cap for
downtown redevelopment. The city spent about $100,000 on a study to determine whether or not downtown needed(rather, could justify) more redevelopment dollars. The study showed that downtown San Diego still needs about $6 billion dollars worth of improvements – not including the estimated $800,000 or so, for the proposed new Charger stadium.
If Governor Schwarzenegger signs off on this bill, the seemingly extinct building cranes will soon be back in full swing. Hopefully the city will take advantage of this and begin to make downtown San Diego a richer, more interesting city than it already is. We’re a young downtown, but hopefully this will help us grow and mature gracefully.
As more development takes place, more and more people are going to learn about the “new” downtown San Diego and it won’t be long before businesses move their offices to 92101. And once that happens, condo prices are going to start rising again. I don’t think it will happen overnight, but it will happen.