Welcome to San Diego Blog | June 28, 2010

New Downtown San Diego Main Library A Go

Downtown San Diego’s East Village Ballpark Neighborhood is set have construction start on the new City Library next month. The new structure will cost $185 million to build, but the city tapped into many resources so they could make it happen.

The San Diego City Council, led by Kevin Faulkner, voted 6-2 Monday to proceed with library construction under the contingency that a fundraising campaign will collect the additional $32.5 million needed to finish the final phase of the construction. If donors are unable to step up to the plate, the city would have to either use taxpayer money to bridge the gap or leave the library’s interior unfinished.


East Village San Diego Library Condos

East Village residents in condo buildings like Icon and Metrome that are adjacent to the site of the library are very excited. It will be a welcome addition to have the new library & charter school in the East Village area and should help balance the dynamic of this exciting and energetic neighborhood.

The city of San Diego’s financial distress is the main concern among opponents. Former City Attorney Michael Aguirre, who contributed little if anything positive to San Diego had the audacity to frown on the council for supporting the library. It is true that the city has been forced to make significant cuts to public safety, parks, beach maintenance and existing libraries, but this is a one time chance and the council felt it was worth taking.

Strong supporters of the Library include former Qualcomm founder Irwin Jacobs, who pledged $20 million to the new project. Irwin and others who have made contributions feel the local community will be able to raise the necessary funds to cover the $32.5 million risk the city is taking on. If the city council declined the library, the city would lose $80 million in outside money committed to the project.

This is another good sign of progress for our wonderful city in times that have proven to be economically challenging.  For more information about development in the East Village, send us a message.

Written by: chad

Categories: Buyers, Downtown San Diego, East Village Real Estate

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