19
Sep
The U.S. Navy has agreed to relinquish its lease of a 3.4-acre site to the Port of San Diego, paving the way for potential commercial and recreational development along the North Embarcadero, the port revealed Sept. 12. The two sides struck a deal on the 1220 Pacific Highway property that the port inherited from the city of San Diego that the Navy has leased since 1949. The lease was to expire in 2049, but the deal allows the port to be able to use the land now for possible development. Under the lease termination agreement, the port would offer $5.75…