Is Downtown San Diego Real Estate Still on the Rise?
Bucking the current trend, downtown San Diego real estate continues to experience historic growth. There are currently 100 development projects planned or underway throughout the area’s 1,500 acres, which will add more than 11,000 new homes and two million square feet of commercial space in coming years. During 2005, more than 1,500 new homes were completed and more than 500,000 square feet of commercial space was delivered, including Broadway 655, the first downtown high-rise office tower to be built since 1991.
The fundamental strength of this unique market prompted the Urban Land Institute and PricewaterhouseCoopers to name San Diego, CA the best market for investment and development in 2006, surpassing the perennial favorite, Washington, D.C.
The trend toward urbanization and the redevelopment of underutilized areas has given the city new life by infusing formerly neglected neighborhoods with billions of new investment dollars. As San Diego grows, the urban core will be increasingly responsible for accommodating population growth through well-designed, high-density projects that create more livable communities with quality-of-life amenities such as parks, shops, restaurants and more.
Downtown exemplifies this wave of smart growth and is now home to nearly 30,000 residents, with an expected population of 90,000 by 2030. People from all walks of life, from empty-nesters to young professionals and families are being drawn to this scenic and vibrant atmosphere, within walking distance of workplaces, schools, recreation, entertainment and public transit. This shift from sprawling suburbia to quality urban housing represents a continuing trend in American cities.
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Source: Centre City Development Corporation
- Contact Information
- Scott Hamill
- Broker / Realtor
- Contact via E-mail
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