SAN DIEGO (KGTV)- The new owners of Horton Plaza hope the San Diego City Council will sign off on their makeover plans for the failing mall on Monday.
Stockdale Capital Partners purchased the plaza and hope to remake it into The Campus at Horton, a mixed-use office space that would include 700,000 square feet of office space and 300,000 square feet for retail. The company released new renderings Thursday morning.
They say they won’t demolish the mall, but instead make additions and infrastructure upgrades.
It’s a move Stockdale has made before that proved success at The Galleria mall in Scottsdale, Arizona.
“We did the same and then brought in Zillow, Square and Indeed,” said Project Advisor Jimmy Parker. “Totally transformed that neighborhood.”
He hopes to do the same for San Diego.
The city’s economic development committee voted 4-0 last month to advance the proposal and send it to the full council.
On Monday, Stockdale will ask the city council members to reduce the current retail deed restriction from 600,000 to 300,000 square feet.
They hope to invest hundreds of millions of dollars in the redesign of Horton Plaza that will bring more than 4,000 new jobs to San Diego.
Although Parker said he can’t name drop just yet, big technology companies are definitely eyeing San Diego.
“San Diego needs to get in the market,” said Parker. “Timing is really important. The economy is strong and that's why these companies are expanding because there is no more room in the Bay Area.”
He said office space in the Bay Area is becoming non-existent, which is why high-tech companies are migrating to cities like Seattle, Los Angeles and Austin.
If all goes as planned the first phase of the project is expected to be completed by the end of next year.