Seaport Village, the highly rated shopping mall that sits on the site of the old ferry landing, could be demolished to make way for new development.
The San Diego Unified Port, which owns the land, has issued a request for proposals from developers to remake what the port board calls the most valuable piece of land on the waterfront.
Terramar Retail Centers, which operates Seaport Village, had previously submitted an $81 million redevelopment plan. Its lease expires in 2018. But the port board believes it can make more money from a new development. The port receives about $2.5 million annually from Seaport Village, which opened in 1980.
The Port generates most of its revenue from real estate leases, and believe it can generate much more revenue from a new development. It hopes to get public input in the spring and pick a developer in July.
Current tenants and most visitors have expressed dismay with the potential demolition of the current mall.
Potential developers can consider hotels, restaurants, parking, water taxis, entertainment, public art, “distinctive” architecture and public spaces, the San diego Union-Tribune reported.
A new development could include the relatively new Ruocco Park, Embarcadero Marina Park North and the G Street Mole, which the American Tunaboat Association has under lease until 2019.