Developer secures $330 million construction loan for Horton Plaza project

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The developer planning to transform Horton Plaza into a tech campus announced last week that it has secured a $330 million construction loan and work will commence shortly.

Los Angeles-based Stockdale Capital Partners says the loan, provided through group of funds managed by Alliance Bernstein, will allow 600 to 800 construction workers to start work creating the largest urban tech campus in the United States.

Stockdale Capital Partners (“Stockdale”) announced the closing of a $330 million loan with a group of funds managed by Alliance Bernstein to continue redevelopment efforts at Horton Plaza. Exterior construction will begin shortly with 600-800 construction workers expected on-site to execute the mixed-use creative office and retail vision of the Campus at Horton, which will be the largest urban tech campus in the western United States.

“With all major entitlement hurdles behind us and this financing now secure, we look forward to completing our redevelopment and revitalizing this incredible asset,” Daniel Michaels, managing director at Stockdale said in a press release.

“We are moving full steam ahead with leasing discussions and hope to announce a mix of exciting and impactful tenants shortly.”

The Campus at Horton will include 700,000 square feet of sustainably driven creative office space and 300,000 square feet of leading retail with an abundance of onsite amenities focused on food and beverage, health and wellness and arts and entertainment. A team of architects and consultants, led by Retail Design Collaborative and Rios, Clementi Hale will bring leading edge architectural design to the project.

Sustainability efforts will be of the highest priority, with features set to include high-performance facades to improve energy performance while providing an abundance of natural light; solar panels on most roof surfaces across the property’s 10 acres, with battery storage for electricity generated; the first private blackwater system in San Diego, which will reduce the water footprint of the project by 50 percent, and a design that will be carbon neutral.

The project is targeting LEED Platinum, WELL Platinum, and WiredScore certifications. The redevelopment is scheduled to be completed by the end of 2021 and will be home to 3,000-4,000 high quality jobs.

“The Campus at Horton will be the pinnacle of mixed-use campuses in Downtown and the exemplification of what’s possible when innovative office design meets access to leading food, beverage, health and wellness offerings, said Steven Yari, managing director at Stockdale Capital Partners. “We’re creating what we believe is the best product of its kind in San Diego—a place that will be a hub for thousands of high-tech jobs from all across California and for San Diegans to enjoy and experience.”

About Stockdale Capital Partners
Founded in 2010, Stockdale Capital Partners is a real estate investment firm with 214 years of combined experience. The company is an owner-operator specializing in the redevelopment and repositioning of real estate assets in leading Southwest markets, with expertise in revitalizing urban properties of all types. Stockdale Capital Partners’ history of transforming failed shopping centers into desirable high-tech, mixed-use office hubs includes projects in Scottsdale and Los Angeles. For more information, visit stockdalecapital.com.

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