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Old Posted Jun 11, 2018, 7:49 AM
Will O' Wisp Will O' Wisp is offline
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Join Date: May 2018
Location: San Diego
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Quote:
Originally Posted by SDCAL View Post
I thought this article was interesting:

Jimbo’s is suing Westfield Horton Plaza. The 15 year contract they signed stated Westfield would operate a “first class regional” shopping center, and clearly that hasn’t been done.

So not only are they bleeding tenants, one of the few that remains is suing them for millions.

I wonder if this will help expedite the redevelopment?

It’s really a shame Westfield let it get to this point. Hopefully an overhaul will happen soon. I do go to Jimbo’s every couple of weeks and each time it seems like HP gets more seedy. Not only are many of the stores closed, but I noticed yesterday they aren’t even doing basic upkeep like painting and structural repairs.

I think if they put street level retail along 4th it would do really well with all the foot traffic from the Gaslamp

https://www.sandiegouniontribune.com...story,amp.html
If you read between the lines the story is a bit more interesting. Jimbo's is saying that Westfield promised a "$400 million dollar investment" into Horton Plaza that encouraged them to put down $5 mil of their own to make improvements in anticipation. I've heard that "$400 million" figure before, that was the expected cost renovate but not redevelop HP. They'd knock down the parking garage, build retail along the street edges, and redesign the entrances/exits to be more open but keep the basic structure intact. Now Jimbo's is saying that plan has been abandoned and Westfield is going to sell. And if Westfield is selling that means one thing: the entire plaza is going to be bulldozed down to street level and rebuilt from the ground up.

Jimbo's is understandably upset, they just spent $5 million dollars improving a store that's now about to be demolished. But Westfield never put down any renovation promises in writing, and "first-class regional shopping center” isn't a legally defined term. However, Jimbo's knows that outstanding legal issues will reduce HP's sales price, so Westfield will settle out of court for some undisclosed sum.
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