Commercial real estate development can be so much more than just money. It can be about building a community which is central to the fabric of the American dream. An important aspect of real estate development involves the creation of commercial establishments. After all, jobs are created in the development of such real estate, and jobs are sustained through the maintenance of such space.
This is ostensibly the thought behind the recent development plans announced for southeast San Diego. According to a recent LA Times.com report, the city council is poised to approve the first set of zoning changes to the area in nearly 30 years.
This will allow new development of areas that have succumbed to blight and crime. The area, which is nearly 10 minutes away from downtown San Diego, has garnered a reputation for crime and poverty. But with new development that includes housing and commercial space along major transit lines, it is poised to provide the community benefits that make an area valuable to businesses and individuals alike.
The zoning changes will apply to more than 6,700 acres that have been declared more underutilized and vacant than other areas in the city, and will fit within the city’s “Smart Growth” plan. A number of options have been discussed for funding redevelopment projects, including federal grants, and private donations.
Developers looking to work on such projects can benefit from the guidance an experienced real estate attorney. If you have questions about financing for commercial real estate projects, we encourage you to contact us.