The US Navy is considering proposals from four development teams to replace its NAVWAR facilities and redevelop a 70-acre site in Dan Diego's Midway District.
The teams are competing for a 99-year ground lease on the site, which is adjacent to Interstate 5. The project, which may include a development of 20M SF, is shaping up to be one of the largest public-private projects undertaken by the Navy.
The Navy put the property on the market in November; in April, four development teams were invited to make detailed proposals. The Navy is offering the land for "in-kind" consideration, meaning it wants to exchange the property, in lieu of cash, for new facilities, according to a report in the San Diego Union-Tribune.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
