San Diego Padres Team Up with Tishman Speyer, Ascendant Capital to Develop $1.4B Mixed-Use Project Near Stadium
SAN DIEGO — The San Diego Padres will partner with Tishman Speyer and Ascendant Capital Partners to develop East Village Quarter, a four-block area near the team’s home stadium of Petco Park.
Plans call for the area between 12th and Imperial avenues and K and 14th streets to be transformed into a mixed-use development featuring nearly 1.4 million square feet of office space, 50,000 square feet of retail space, 236,000 square feet of open space and 1,600 parking spaces. According to media reports, the development will cost $1.4 billion.
The space is currently a parking lot, referred to as Tailgate Park, with 1,000 spaces. A timeline for construction was not disclosed, although the San Diego Union-Tribune reports the Padres hope to break ground in 2023.
San Diego Mayor Kevin Faulconer, with the help of a committee including JLL and Civic San Diego, awarded the development team with the bid, which, according to the Union-Tribune, beat out competitor Brookfield Properties. City-owned Petco Park opened in 2004, and the Padres have a lease in place through 2042.
“What the Padres have done over the years to create an atmosphere of fun, excitement and energy at Petco Park is incredible, and now, with Tishman Speyer and Ascendant Capital Partners, they’ll be able to expand their footprint and the positive impact they have on the surrounding community even further,” says Faulconer.
Carrier Johnson + Culture is the architect for East Village Quarter.
The Padres have already punched their ticket to the 2020 postseason in Major League Baseball. As a result of the pandemic, the regular season has been condensed to 60 games this year which are being played without fans in attendance. The playoffs, which start next week, mark the first time in 14 years that the Padres will participate in postseason baseball.
— Alex Tostado