"With respect to the remaining properties, we will work with the state Department of Housing and Community Development to ensure the Surplus Land Act process has been fulfilled and evaluate next steps to encourage proposals from developers to energize our civic core with housing, arts and culture, vibrant public spaces, nightlife and new economic opportunities," the statement said.
The Surplus Land Act requires the city to prioritize affordable housing when offering up its real estate for lease or sale. Because the city received no responsive bids for the rest of the properties, it can now lower the affordable housing requirements to try and attract more bidders., said he was excited about the prospect of preserving 101 Ash St.
"Notwithstanding the fact that it's got a bad reputation because of the politics surrounding it, it is actually an extraordinary building with great bones, a very dignified facade," Russell said."And it's representative of a very particular era in San Diego's history in the mid-60s when we were really striving to really be something more."
Interest in office-to-housing conversions has grown since the recent surge in remote working has left many companies reevaluating their need for physical office space. But Russell said the cost of new plumbing, HVAC, electrical and elevator systems — and the need to remove asbestos — can sometimes make such projects financially infeasible.
Questions that will have to be resolved during negotiations include whether the city would sell or lease the property to Reven Capital and at what cost. The city could offer the firm a discount that would help the project compete for affordable housing tax credits, but such a move would work against the city's plan to use the property to help finance a new city hall.
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