Many residents of San Diego are now aware of Downtown’s new Pacific Gate project at Broadway and Pacific Highway, Bosa Development’s 41-story, 215-condo structure. This is a marquee project designed to crown the Pacific Gateway waterfront project, which will also include a Ritz Carlton hotel. Downtown’s planning agency, Civic San Diego, has reported there are another 63 projects in various stages of review, approval, or construction currently underway and valued at over $6.4 billion.
It is an exciting time in San Diego, but also one that asks many questions about the future identity of the city. Development has been booming along the California coast, starting with the tech boom in San Francisco, and now in Downtown Los Angeles. But that has also led to some residents being priced out of their community, or other businesses being forced to other locations, as the new million-dollar starting price for the Bosa condos will likely do.
But if you can’t afford one of the new million-dollar condos, it’s not all bad news. Now may be a good time to invest in Downtown-adjacent neighborhoods, where urban sprawl will likely attract the young, hip and diverse crowd who want to be in the proximity of a vibrant and revitalized city.
Keep in mind that the redevelopment is slated for incremental growth over the next decade, so don’t feel that you have to pack your bags just yet.
If you’re interested in starting or moving your business, now is the best time to get into a Downtown space, before the major boom hits. As San Diego becomes more densely urbanized, the population growth will create a demand for jobs—and workspace. Most of the younger generation who either can’t afford to live in the suburbs (or don’t wish to) want to be able to walk or ride their bikes (and eventually take public transportation) to work. Tech companies are already moving into the area, as they did with San Francisco and Los Angeles. This will bring in more residents who want to live near work, and it will increase demand for restaurants and shopping that are also equally walkable. There are even planned developments slated for mixed-use spaces, similar to the in-progress renovation of the old May Company Building as the new Broadway Trade Center in Downtown Los Angeles.
One of the best ways to maximize city space is to rely on urban infill projects. These projects take vacant lots or decrepit buildings and build new structures in the available space, or are projects like the Broadway Trade Center that update existing structures and maximize the space available. Urban infill projects help the city to evolve organically, showcasing the new buildings alongside the old, making the city feel more alive. We at Murfey Construction specialize in these urban infill projects and are in the process of constructing several, such as the Crest Urban Apartments.
Cities and regions are constantly shifting, and change always brings with it shares of positive and negative effects. Cities have been on the rise since the economic recession decimated suburban living across the nation, bringing more people into urban environments, and revitalizing downtown areas that had been neglected provides benefits to the entire community. The upside is that a burgeoning tax base brings in more money for public works and infrastructure, including public transportation.
If you’re thinking of building or remodeling a business, or you want to plan a multi-unit dwelling, contact us at 858.459.6865 or visit our website http://murfeyconstruction.com to see samples of our urban construction.