DATE: February 12, 2019
SUBJECT:
Title
PRESENTATION AND DIRECTION TO STAFF ON THE INTERIM MANAGEMENT AND OPERATION OF SEAPORT VILLAGE INCLUDING MAINTENANCE, LEASING AND ACTIVATION
Body
EXECUTIVE SUMMARY:
The purpose of this presentation is to provide an update on the interim management and operation of Seaport Village following the successful transition of ownership and management to the District. This update will cover all aspects of the transition as well as several items the District should consider in its upcoming fiscal year 2020 (FY20) budgetary process to improve management and operations, including strategic investment recommendations for deferred maintenance, site enhancements and activations, as we work with our partners to enhance the experience at Seaport Village today and reimagine the Central Embarcadero in the future.
Seaport Village is a tourist-oriented specialty retail shopping center consisting of approximately 90,000 square feet of specialty retailers, restaurants, outdoor entertainment, and parking on an approximately 14-acre Bayfront site located at 849 West Harbor Drive in San Diego, California (Attachment A). Seaport Village was managed and operated by Terramar Retail Centers, LLC (Terramar) on behalf of Seaport Village Operating Company, LLC (SVOC) under a long-term ground lease1 which expired on September 30, 2018.
Since then, the District worked in close coordination with its property manager, Protea Property Management, Inc.2, to successfully transition the ownership of the Seaport Village assets to the District. Additionally, staff negotiated and executed 54 leases with existing tenants and the District has been able to keep the retail center open and operational since October 1, 2018.
Now that Seaport Village has been operating under the District's ownership for a little over four months, staff and Protea have identified various strategies that can be implemented to improve operations, create momentum and interest in the ...
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