While Westfield UTC has a lot to offer the residents of University City and the surrounding neighborhoods, the Costa Verde strip mall across from it has long been languishing. Now, change is on the way. Members of the City Council gave unanimous approval on Tuesday to a revitalization project for the strip mall.
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The existing strip mall will be replaced by 178,000 square feet of retail space, a 200-room hotel, and 400,000 square feet of office space. This will make the area one that offers unparalleled convenience for working, visiting, and leisure. Those working in the offices and labs will be able to shop and dine without leaving the site, and there will be additional retail and culinary options for residents of University City.
The San Diego Union Tribune quotes Dan Ryan, co-chief investment officer for Alexandria Real Estate, as saying, “The over 550 companies in the stem sector are an enviable part of the city that really establishes us nationally. And Costa Verde is dead center in the middle of this. We develop with a particular emphasis on sustainability, community building, placemaking and aesthetics. We think Costa Verde is really the pinnacle of the values that we hold very dear.”
While the Chevron and McDonald’s on the site will stay in place, pretty much everything else on the nearly 14-acre site will be replaced. If all proceeds on schedule, the revamp of the site should be completed by 2023.
While the strip mall has brought value to the area since its construction in 1989, it was greatly overshadowed by Westfield UTC. Once the Costa Verde strip mall is replaced by the new complex of offices, labs, retail space and accommodations, it should be an economic boon to the region, potentially adding jobs and increasing the values of nearby real estate.
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