Stockdale Capital Partners announced that it has reached a settlement with Macy’s that will allow the company to proceed with the $275 million redevelopment of Horton Plaza in downtown San Diego.
Details on the settlement were not released.
Macy’s sued Stockdale Capital Partners in October arguing that Stockdale’s plans to turn the shopping center into a mixed used development centered on new offices development violated Macy’s lease.
Stockdale’s plans would reduce retail space in the mall from the 600,000 square feet that was required in deed restrictions to 300,000 square feet to make room for offices.
Stockdale acquired the mall in 2018 from Westfield for $175 million.
The mall opened in 1985 but has grown obsolete in the face of competition from online shopping outlets.