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San Diego Selects Internationally Known Partner to Transform Sports Arena and Surrounding Property

BROOKFIELD PROPERTIES, ASM GLOBAL TO REVITALIZE AREA WITH FOCUS ON ENTERTAINMENT, HOUSING AND PARKS

SAN DIEGO, Aug. 29, 2020 /PRNewswire/ -- Mayor Kevin L. Faulconer announced today that a City of San Diego selection committee has picked a proposal by Brookfield Properties and ASM Global to redevelop the Sports Arena property into vibrant destination that incorporates a mix of entertainment, housing, parks, and office and retail.

"San Diego has assembled an extraordinary team with a proven track record to transform the San Diego Sports Arena. Our collective goal is to pursue the construction of a brand new sports arena that is surrounded by a thriving community that is second to none," said Mayor Faulconer. A redevelopment like this is a once in a generation opportunity, and I'm confident that ASM and Brookfield's international experience will breathe new life into this area, and create a Sports Arena district that makes San Diego proud."

The pairing of Brookfield Properties and ASM Global represents a partnership that combines global resources and expertise with more than 40 years of doing business in San Diego. Brookfield Properties is a fully integrated, global real estate company that specializes in the creation of innovative, sustainable and authentic places where people can learn, work, shop and live. ASM Global is the world's leading venue management and services company, connecting people through the power of live experience at more than 325 venues around the world including, San Diego's Pechanga Arena, the STAPLES Center and L.A. Live in Los Angeles, the O2 in London, the Mercedes-Benz Arena in Berlin, the T-Mobile Center in Kansas City, and more.

Brookfield Properties and ASM Global have a visionary concept to transform the Sports Arena property into a vibrant community with acres of public parks, new homes, office space and a modern entertainment venue – all part of an activated mixed-use entertainment district. This vision could generate approximately 3,200 jobs and an annual economic impact of more $300 million.

"Brookfield Properties and ASM Global appreciate the City's confidence in our team and vision for the iconic Sports Arena site," said Zach Adams, Vice President of Development, Brookfield Properties. "Our team has a long local history in San Diego, and an excellent track record building and managing sports arenas and mixed-use districts around the world. We are excited about leading a collaborative conversation with the community, and we plan to form a community advisory panel to help shape the project and provide ongoing input to our team."

"Everyone who lives locally has an individual experience at the Sports Arena, making public engagement so important as we craft the future of this site," said Chuck Steedman, Executive Vice President of Strategy and Business Development, ASM Global. "The future of the Sports Arena site is bright as we are committed to creating a world-class destination by delivering an exceptional mixed-use development and working towards a collective goal of building a new Sports Arena."

The announcement comes after the selection committee, made up of a diverse group of City staff and external consulting firm, JLL San Diego, reviewed and scored two responsive bids to the Request for Proposals (RFP) that was issued in February. Scoring categories consisted of responsiveness, a vetting of financial models, developer experience, development economics and feasibility and community feedback.

The redevelopment area encompasses approximately 48 acres in the Midway-Pacific Highway Community area, located in west-central San Diego. From its historic beginnings as part of the delta of the San Diego River to the rise of the military and aviation industry in the 1920s, the Midway Community has played a role in San Diego's growth and transformation. In 2010, the City of San Diego, in coordination with local community members, began updating the Midway-Pacific Highway Community Plan, which serves as a blueprint for the future development of the neighborhood.

The RFP and redevelopment concepts for San Diego's Sports Arena area were designed to help realize the vision put forward in the Community Plan.

The City, ASM Global and Brookfield Properties will now begin negotiations on the final scope of development for the area. The deal is anticipated to be brought before City Council in 2021.

What others are saying:

"On behalf of the thousands of working families that IATSE #122 represents, I want to thank Mayor Faulconer and the City of San Diego for selecting the Brookfield Properties and ASM Global team for this opportunity with the Sports Arena property. We trust this team will lead the process moving forward, guided by community collaboration, to deliver a destination on this site that meets the goals and needs of San Diegans." – Richard Disbrow, IATSE Local #122

"Brookfield Properties and ASM Global's vision for the Sports Arena property will help revitalize the Midway District, create jobs and support local businesses like ours to thrive." – Phil Pace, Phil's BBQ

"Thank you to Mayor Faulconer and the City for the selection of Brookfield Properties and ASM Global for the Sports Arena redevelopment opportunity. We appreciate the transparent, community-focused approach that Brookfield Properties and ASM Global have taken throughout this process and commend their willingness to involve community members in the decision-making process moving forward. We look forward to the immense, positive benefit that this new vision for the Sports Arena will have for our company, vendors, community and customers." –  Kimberly Kobey-Pretto, Kobey Corporation

Cision
Cision

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SOURCE Brookfield Properties