Padres, San Diego Leading into New Downtown Development Phase

Despite a major labor dispute, the business of professional baseball continues – even if not on the field, just quite yet. The San Diego Padres, after 14 months of negotiations with the city of San Diego, have announced a deal on the sale of a four-block parking lot known as Tailgate Park.

In the East Village area, the deal includes $35.1 million for the land, as well as requiring the Padres development team to create a 1.3-acre community park. Other reported terms include 1,800 apartments, with 5 percent of those residential flats, or 270 units, to be made available for low- and middle-income families.

Ever since the Padres moved to Downtown, San Diego has owned the 5.25-acre site, which is bound by 12th and Imperial avenues. The Padres are currently in a 44-year lease for the land. 

The property was appraised originally at $76 million, but the fair market value is determined to be $34 million, Christina Bibler, who is the city’s director of economic development, told the Union-Tribune. 

Part of the deal involves the city crediting the Padres for the replacement of 1,060 parking spaces.