On Nov. 8, the San Diego Unified Port District approved the joint venture of 1HWY1 as the developer for the $1.2 billion Seaport San Diego project, The San Diego Union-Tribune reported.
In addition to the Protea Waterfront Development, 1HWY1 also includes entertainment and development experts like aquarium developer OdySea and amusement ride company ThrillCorp.
- Seaport San Diego will replace the existing Seaport Village, which opened in 1980 and reportedly blocks views to the bay. The new development's architects told port officials that they want to create a district in the existing port area rather than creating a separate development.
Developers also must also get the California Coastal Commission's approval of the project. Port officials began negotiating with Protea back in July, dispensing with the usually cumbersome development process. Still, they warned Protea that the process would be thorough. Officials told the developer that if they couldn't come to an agreement on costs and key design issues, they would start negotiating with other development teams.
Seaport San Diego will feature a 1,077-room Virgin Hotel — including 350 Yotel microroom units — as well as retail, dining and entertainment. The development will also include office space for port businesses, a charter school, a 480-foot observation tower, an aquarium and a beach-level park. It will also include upgraded port facilities for the commercial fishing fleets and personal watercraft that utilize them.
The port will take in an estimated $22 million in rent each year by the time the 10-year project is complete, according to the Union-Tribune. Seaport Village currently provides the port district with an annual rent of $2.5 million.