Redevelopment of Horton Plaza in downtown San Diego is ramping up with a $330 million loan secured by Stockdale Capital Partners with a group of funds managed by Alliance Bernstein.
Stockdale plans to convert the mall that sparked development of the Gaslamp Quarter into a mixed use development centered on new offices.
The company in January reached a settlement of a lawsuit that had been filed by Macy’s. The company said Stockdale had violated the terms of its lease with the redevelopment plans that shifted the mall’s emphasis as a retail center.
Stockdale acquired the mall in 2018 from Westfield for $175 million.
“With all major entitlement hurdles behind us and this financing now secure, we look forward to completing our redevelopment and revitalizing this incredible asset,” said Daniel Michaels, a Stockdale managing director. “We are moving full steam ahead with leasing discussions and to announce a mix of exciting and impactful tenants shortly.”
Renamed The Campus at Horton, the redeveloped mall will include 700,000 square feet of office space and 300,000 square feet of retail.
Design work on the 10-acre project is being led by RDC and Rios, Clement Hale.
“The Campus at Horton will be the pinnacle of mixed-use campuses in downtown and the exemplification of what’s possible when innovative office design meets access to leading food, beverage, health and wellness offerings,” said Steven Yari, a Stockdale management director.
Real estate reporter Ray Huard may be reached at email@example.com or 858-277-8904.