In all cases, growth of infrastructure in an urban area contributes to the overall value of both the commercial and residential Real Estate. In Downtown San Diego Real Estate this concept holds true. The value of Downtown San Diego Condos and Downtown San Diego Lofts is directly tied to this infrastructure growth labeled Location! Location! Location! The following article is pertinent to Downtown San Diego Real Estate because it represents the continuing debate over whether development of the 10th Avenue Terminal Deck would be beneficial or not to the San Diego community. We have referenced this debate in several past blogs: National City rejects Downtown San Diegos proposed 10th Avenue deck , Thoughts From Both Sides on the possibility of the Football Stadium in Downtown.
In this month’s issue of The San Diego Metropolitan these issues were referenced in the article entitled: Saving the 10th Avenue Marine Terminal.
Ray Carpenter, owner of R.E. Staile Engineering, Inc. and Harbor Tug and Barge Co., believes the impact of Proposition B (the initiative to double deck the 10th Ave. Terminal) will result in economic disaster.
Coinciding with this belief is the idea that Prop B will disrupt the current $1.75 billion dollar economic contribution that the two marine terminals make to San Diegos economy, which, for perspective sake, exceed the economic contribution of Downtowns Convention Center. In addition, there are 19,298 jobs associated with the terminals which move 6.5 million tons of cargo per year at a value of $25 billion.
In Richard Chases proposed development, even if the decks concept was feasible, there would be quite a loss to operating space. Handling cargo would become more difficult and more costly. Additionally, it would mean loss of irreplaceable commercial terminal facilities and a compromise in San Diegos ability to support the Navy and National defense.
Overall, this article states that Prop B will cause business to go elsewhere resulting in loss of commerce and well-paying jobs.