One of San Diego’s sports arena asset-competitive development teams has drafted acclaimed venue operators to make its reduced arena vision even more appealing to city leaders.
On Monday, HomeTownSD, a development team led by the Monarch Group, announced the addition of ASM Global, the premier entertainment venue manager and event producer. ASM, a subsidiary of AEG, currently operates Peckanga Arena San Diego, previously participating in the Brookfield Property Discover Midway Plan, but was removed from the competition in May.
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“With the addition of ASM Global, HomeTownSD is the only team with partners to operate, capitalize, develop and deliver multiple successful world-class arenas,” said ASM Global’s consultant and company’s local. Chuck Steedman, who has led, said. View of the sports arena. “No other team has done this.”
HomeTownSD is currently competing with two opponents, Midway Rising and Midway Village +, in a city-run competition to lease and rebuild 48 acres of land at the 3220, 3240, 3250, and 3500 Sports Arena Blvd.
The Monarch Group and Essex Property Trust have partnered with affordable homebuilder Eden Housing and sports real estate firm JMI Sports.
The proposal calls for an entirely new, smaller arena that is “appropriately sized” for minor league hockey and lacrosse teams in the region. HomeTownSD envisions a 225,000-square-foot venue to the east of the property. Designed by AECOM, the arena has 8,000 fixed seats and can be expanded to accommodate 10,000 people for games and shows. The arena can accommodate an additional 2,500 fans in an outdoor concourse.
ASM will support JMI Sports in all aspects of the proposed arena development and will run a new venue when completed, JMI Sports CEO Erik Judson told Union-Tribune.
“We will be partners in every sense,” said Judson. “They have operational experience not found in JMI Sports, so we chair as lead development partners, but they are with us to handle all the elements of this project. increase.”
HomeTownSD’s broader development plan requires 3,250 residential units, 300 major hotels, 300,000 sq ft of office and retail space, 10,000 sq ft of child care facilities, 18 acres of park and open space on the promenade and rooftop. is.
The addition of ASM to the HomeTownSD team brings new wrinkles to the competition where affordable housing has been the central stage in the past. San Diego has been urged by the state to prioritize the most certificates-restricted proposals for low-income households. HomeTownSD ranks second in affordable units, with 1,726 units reserved for those who earn less than 80% of the region’s median revenue.
The proposal is currently being evaluated by San Diego’s real estate sector with the support of real estate investment management and services company Jones Langerasar. City consultants are verifying the overall feasibility of financial assumptions and plans.
Due diligence is welcomed by HomeTownSD as the team’s arena vision is significantly different from that proposed by other groups. The team hopes that the addition of ASM, which operates more than 350 venues around the world, will help make the arena’s vision compelling and viable.
“We believe there is the most cost-effective solution with a single concourse to serve our patrons,” says Judson. “(The arena) is of the right size for the district. We believe that the size of the arena is, of course, very important for what happens inside the building, but also for the surrounding community.”
The arena will cost between $ 250 million and $ 300 million, according to Judson. Adjacent ground parking with 2,300 spaces for sports and entertainment enthusiasts will cost as much as $ 100 million, he said.
San Diego’s real estate sector hopes to recommend a winning proposal for consideration by the city council later this year.
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