The city and the San Diego Padres hope to soon make official a 180-day negotiation period that they anticipate will lead to the redevelopment of a 5.25-acre parking lot near the baseball team’s ballpark.
Wednesday, the Economic Development and Intergovernmental Relations Committee unanimously approved city staff’s recommendation to enter into an exclusive negotiating agreement with the Padres for the sale of the land known as Tailgate Park.
The action tees up consideration of the preliminary contract, which sets the ground rules for a future transaction, by the full council next month. It follows a competitive bidding process that started nearly a year ago and concluded with the ball club beating out Brookfield Properties with a $1.4 billion, office-centric proposal.
As proposed, the Padres and its development partners, Tishman Speyer and Ascendant Capital Partners, are looking to refashion the asphalt area into a commercial office hub now being referred to as