Manchester Financial Group said last week it has secured the necessary financing to break ground next month on its long-anticipated, $1.5 billion redevelopment of the Navy Broadway Complex located on San Diego’s waterfront. The project is being built through a public-private venture. In return for a new 373,000-square-foot, 17-story headquarters for Navy Region Southwest, the Navy granted the developer a 99-year lease for the remaining seven parcels of the 15-acre site. Manchester is funding the entire project with the help of outside equity partners rather than obtaining a conventional loan, reports the San Diego Union-Tribune.
Illustration courtesy of Manchester Financial Group