Study Estimates Navy Broadway Project Impact at $850 MillionTuesday, November 1, 2011
Development of the currently stalled Navy Broadway Complex project on San Diego’s waterfront could eventually generate nearly $850 million in economic impact and create more than 5,300 jobs, according to a report released Oct. 28 and commissioned by a local nonprofit military advocacy group.
The study was conducted by the Fermanian Business & Economic Policy Institute at Point Loma Nazarene University, and commissioned by the San Diego Military Advisory Council. It estimates the job creation total would reach 7,400 when proposed office, hotel and retail properties at the site are fully operational by 2022.
The two-phase Navy Broadway Complex project is proposed for a 12-acre site in the North Embarcadero area, owned by the U.S. Navy, and would be developed by a unit of locally based Manchester Financial Group known as Manchester Pacific Gateway LLC. It would replace current Navy offices and also include up to three commercial office buildings, three luxury hotels and more than 270,000 square feet of retail space.
The study’s release comes as the California Coastal Commission prepares to discuss on Nov. 2 a coastal staff recommendation that developers and the Navy resubmit the project proposal, on the grounds that conditions in the waterfront area have changed since the project was first considered.
The development was approved by the Navy five years ago but has since encountered financing and related challenges tied to the economic downturn. The project also has been the target of two environmental lawsuits filed by a local group known as Navy Broadway Complex Coalition.
Developers are looking to begin design work on the project by mid-2012.