Potential settlement of Ash Street, Civic Center Plaza lawsuits will help define future real estate expenses, consultant says
The city of San Diego would need to spend between $228 million and $302 million on office space over the next 30 years under a proposed settlement of the Ash Street and Civic Center Plaza litigation, a study released Wednesday said.
The report, dated Feb. 22, 2022, was provided to the City Council earlier this year to help elected officials decide whether to proceed to trial or resolve most of the legal dispute out of court. It was withheld by Independent Budget Analyst Chales Modica until Wednesday under what’s called attorney-client privilege.
“It is critical that the Mayor’s Office and the Department of Real Estate and Airport Management bring forward a clear and detailed plan for the city’s future downtown real estate needs and how the 101 Ash and CCP properties fit into that plan,” he wrote. The report also states that the principal balance remaining on the Ash Street lease is $74.4 million. When Gloria introduced his settlement plan at a press conference Monday, he said it would cost $86 million to pay off that lease.
Kosmont analysts said the city now controls approximately 1 million square feet of office space in a series of owned and leased properties. Several of the buildings the city owns outright also need major renovations, they said.
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