San Diego City Council Approves Exclusive Negotiating Agreement with Padres Development Team, Allows for Important Next Step to Redevelop Tailgate Park
Today, the San Diego City Council unanimously approved entering into an Exclusive Negotiating Agreement (ENA) with the Padres Development Team to negotiate terms for the acquisition and redevelopment of Tailgate Park to become East Village Quarter.
“We are excited to take another step forward to revitalize Tailgate Park and further transform the Ballpark District and downtown San Diego,” said Erik Greupner, President of Business Operations for the San Diego Padres. “We look forward to finalizing a deal with the City of San Diego that will result in the creation of a vibrant, inclusive, mixed-use district in East Village.”
The Padres Development Team has shared an initial vision for the redevelopment of Tailgate Park to become a mixed-use district called East Village Quarter. The team’s vision includes housing, neighborhood-serving retail, public spaces and office buildings that aim to attract technology and biotechnology companies. Plans also include parking that supports onsite uses, Padres games and ballpark events consistent with the Padres long-term parking lease on the site.
The Padres Development Team is comprised of the Padres, Tishman Speyer and Ascendant Capital Partners, among others. Following completion of a competitive and public Request for Proposals (RFP) process in September 2020, the Padres Development Team was selected for the opportunity to enter an ENA with the City of San Diego for the acquisition and redevelopment of the Tailgate Park property. The item came to full City Council consideration following the unanimous approval provided by the San Diego City Council Economic Development and Intergovernmental Relations Committee on October 28, 2020.
“This is an exciting step forward to realizing the potential for the future of the East Village,” said Paul DeMartini, Senior Managing Director of Tishman Speyer. “In the coming months, the Padres Development Team will be working closely with the City of San Diego and the local community to further develop and initiate a vision for Tailgate Park that helps achieve regional housing, transit connectivity and economic goals.”
The ENA with the Padres Development Team has earned widespread community support from The San Diego Regional Economic Development Corporation, San Diego County Building and Construction Trades Council, San Diego Regional Chamber of Commerce, Downtown San Diego Partnership and the East Village Association, among others.
About Padres Next Fifty:
Padres Next Fifty is a private real estate and development company that was organized in 2020 to serve as the real estate investment subsidiary of the San Diego Padres and its affiliates. Padres Next Fifty is the Lead Developer in a joint venture to develop Tailgate Park with Tishman Speyer and Ascendant Capital. The organization, which is chaired by Padres owners Ron Fowler and Peter Seidler and led by President and CEO Erik Greupner, has expertise in developing, operating and managing publicly-owned real estate assets and executing complex financial transactions across a broad spectrum of industries. The Padres Next Fifty leadership team oversees the Padres’ real estate asset portfolio, which includes Petco Park, the Padres Parkade, the Peoria Sports Complex in Arizona and the Padres Baseball Academy in the Dominican Republic.
About Tishman Speyer
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 27 key markets across the United States, Europe, Asia and Latin America. We develop, build and manage premier office, residential and retail spaces for industry-leading tenants, as well as state-of-the-art life science centers through our Breakthrough Properties venture. With global vision, on-the-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers’ evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO., and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 424 properties, totaling 184 million square feet, with a combined value of approximately $97 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.
