The California Theatre, once an iconic landmark in the downtown San Diego skyline, is poised for transformation. CBRE has announced the listing of the theatre site located at 1122 Fourth Avenue as a premier redevelopment opportunity. The property, carved into the Civic Center district's fabric, is represented for sale by CBRE's Jason Kimmel and Kevin Nolen, as detailed in a press release from September 8, ConnectCRE.
Emphasizing the potential locked within a 0.57-acre parcel, the site comes with attractive incentives such as no expiration on its existing Site Development Permit and a compliant path for demolition and redevelopment, which could streamline future construction. CBRE pitches the site as a "rare opportunity" due to its by-right redevelopment status, affording prospective developers a certain degree of latitude in planning. These facets are complemented further by confirmed eligibility for Density Bonus Law incentives or Complete Communities Tier 1, providing design flexibility, as outlined on CBRE's listing.
"This site represents a rare opportunity to leverage existing planning approvals to reshape a pivotal block in downtown San Diego on an expedited development timeline," said Kimmel. The theatre's redevelopment is seen as a critical piece in realizing the City of San Diego's vision for the Civic Center area and as a catalyst for further downtown investment, Kimmel explained in statements obtained by ConnectCRE.
Accessibility is a key theme in CBRE's marketing of the theatre site. Positioned with immediate access to major transportation routes like Interstate 5 and the San Diego Trolley, and in proximity to the San Diego International Airport, the spot is touted as having exceptional connectivity. Enhancing its appeal, the City of San Diego has confirmed historical concerns have been satisfied, and the Save Our Heritage Organisation has committed to non-opposition to any future redevelopment plans—a significant nod for developers wary of potential heritage-related hurdles.
Developers eyeing the California Theatre site are also drawn by indications of a hungry market for premium urban living. CBRE's listing noted the success of nearby luxury projects, setting a benchmark for the potential rental rates at this location. This, combined with the advantageous development conditions and a prime location, positions the theatre site as a remarkable chance to craft a new high-rise landmark in one of Southern California's most vibrant urban cores.
