Downtown SD’s First Creative Office Conversion Project
Navarra Properties has plans to redevelop a warehouse in San Diego’s East Village into a 100,000-square-foot creative office warehouse and a 450,000-square-foot contemporary office building.
“SuperBlock is a multi-phase development aimed at attracting a large tech user that requires large, flexible floor-plates in a cool building, combined with adjacent space for expansion,” Mark Navarra, president of Navarra Properties, tells GlobeSt.com. “This project will become the center of a thriving innovation ecosystem already starting to emerge in I.D.E.A. District.”
The East Village is the latest San Diego submarket to benefit from the development activity in Downtown San Diego. The IDEA District is central to the development activity. Navarra says that the market has seen strong demand for creative office space and there is a limited supply in this category. “There has always been strong demand for unique space downtown, particularly by growing tech firms, but there is a very limited supply of the right product,” he explains.
With all of the activity in the market and the demand for quality creative office space, Navarra believes that there is ample opportunity in the market. “With the completion of UC San Diego Urban and the first block of the East Village Green in 2020, I.D.E.A. District is poised to deliver on its promise to become the vibrant heart of downtown San Diego’s 21st century jobs cluster,” he adds. “Significant residential development has brought a deep talent pool to the downtown market, and now is the time for a smart employer to attract people who want to walk or bike to work.”
Despite the surge of activity in the market, San Diego has had a slow office leasing year with three consecutive quarters of negative absorption. However, Navarra isn’t concerned. He says that the project is unique in San Diego and in the downtown submarket. A major benefit is the customization. The project has two 50,000-square-foot floors that can be fully customized. “The space can be delivered at a competitive price one year from a signed lease, and an expansion of an additional 450,000 square feet can happen on the same block,” he adds about the site’s unique characteristics. “The site is at the center of a thriving district with new restaurants, housing, and park space a short walk away.”