Port of San Diego Selects Jones Lang LaSalle as Advisor on Development of Chula Vista Bay Front Master Plan

Jones Lang LaSalle (NYSE: JLL) has been selected by the Port of San Diego as its real estate and development advisor to assist in the furtherance of the development of the Chula Vista Bayfront (CVB). The CVB project is one of the last great waterfront development opportunities in California and is intended to create a legacy destination for the public. It will transform more than 500 acres on San Diego Bay into a world-class destination for local residents and visitors

"This project has the potential to stimulate the economy, protect natural resources, and create wonderful public amenities in Chula Vista and the San Diego region," said Bob Hunt, Managing Director, Jones Lang LaSalle. "Surrounded by unique and valuable natural resource lands, the master plan seeks to best protect and enhance environmental resources while accommodating complementary commercial development for a vibrant and viable waterfront project."

Jones Lang LaSalle will act as the day-to-day project management consultant and will be involved in all aspects of the project. Specifically, the firm will assist the Port in the next steps of the development program for the CVB with services including: establishing and guiding an integrated development plan for the CVB; evaluating infrastructure requirements and advising on a supporting financing strategy; creating a business plan to attract developers and capital financing; and supporting the Port in community and stakeholder presentations.

Project Background

After completing a decade-long planning effort led by the Port and the City of Chula Vista, which included extensive public outreach and clearing numerous regulatory hurdles, the Master Plan was unanimously approved by the California Coastal Commission on August 9, 2012. For planning purposes, the CVB was divided into three districts: the Sweetwater District comprises the northern portion of the planning area, the Harbour District includes the central portion of the plan area near the marinas, and the Otay District encompasses the southern portion of the planning area.

A centerpiece of the CVB will be a world-class resort and conference center fronting the bay. The Master Plan also provides for more than 200 acres of parks and other open space areas, including a signature public park, walking trails, interpretive signage and shoreline promenades. Marina improvements will create an active commercial harbour with retail shops, restaurants and public space at the water's edge. In addition to development on Port lands, complementary mixed use residential will be developed on adjacent private lands by Pacifica.

The CVB has the potential to stimulate the economy, protect natural resources, and create public amenities. Surrounded by unique and valuable natural resource lands, the CVB project seeks to best protect and enhance environmental resources while accommodating reasonable commercial development for a vibrant and viable waterfront project. This unique project will be the subject of a panel discussion in San Diego on May 16, at the Urban Land Institute's (ULI) spring conference.

Jones Lang LaSalle also will advise the Port on a procurement strategy to competitively select development partners and will assist in outreach to potential investment partners from both domestic and international sources to finance and develop a first-class resort and conference center on the site.

Jones Lang LaSalle has managed many other complex, highly visible and sensitive urban mixed-use development projects around the world including: Southwest Waterfront in Washington, D.C; Fan Pier in Boston; the London Legacy Project where Jones Lang LaSalle's role has been to advise the Authority with the planning strategy, feasibility and eventual transaction activity for reuse of the various improvements and sites developed for the Games; and Melbourne Docklands in Australia.