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 million to the navy toward facility or support service improvements. The deal could mean more green space and pedestrian promenades.
“This is historic,” San Diego Board of Port Commissioners Chair Rafael Castellanos said. “We are thrilled we have a deal with the Navy that means there will soon be more for visitors and our communities to enjoy and experience along our San Diego Bay waterfront.”
Officials have said that once the lease has been relinquished, the port intends to look at development opportunities, which is expected to take two to four years, giving the Navy time to use the site as it transitions operations.