A deal that will transform downtown San Diego’s landmark Horton Plaza into an office and retail complex has closed with the sale of the 900,000 square-foot mall to Stockdale Capital Partners.
The purchase price was $175 million, according to The San Diego Union-Tribune.
“We’re excited to create an iconic destination that will leverage the best of downtown San Diego to create something high impact and truly unique,” said Steven Yari, managing director of Stockdale Capital.
Dubbed “The Campus at Horton,” the 33-year-old mall “will be a thriving innovation hub, comprised of creative office space, captivating entertainment options, urban lifestyle retail choices and contemporary food and beverage experiences, catering to leading technology and biotechnology employers, locally and nationally,” Yari said.
Construction is expected to begin in early 2019 and be completed in fall 2020.
When Horton Plaza opened to much fan-fair, it was billed as the model of urban redevelopment and is credited with sparking development of the Gaslamp Quarter from what had been an unsavory past marked by bawdy houses and bars.
Over time, the mall fell out of favor with shoppers and many of its storefronts have been abandoned.