The Prebys Foundation has acquired the vacant and dilapidated California Theater to remove a barrier to redevelopment of the Civic Center area in downtown San Diego.
The foundation has signed a $6.3 million purchase and sale agreement and expects to close on July 31.
The immediate plan is to prepare the site for demolition while working with community, public and business partners to explore the “highest and best long-term use for the property.”
Located at 4th Avenue and C Street, the theater opened in 1927. It has been vacant since 1990 after an architectural survey found it vulnerable to earthquakes. In 2023, the City Attorney’s office sought to demolish it as a public nuisance.
“This is about creating possibilities,” said Grant Oliphant, president and CEO of thefoundation. “The California Theatre has long represented one of the greatest barriers torealizing downtown San Diego’s full potential.”
“By removing that obstacle, we can begin creating space for new ideas, new investment and new opportunities that strengthen our civic core and help build a downtown that serves everyone,” Oliphant said. “Foundations are uniquely positioned to make patient, long-term investments like this — investments that may not make sense on a traditional development timeline but can create lasting public value for generations.”
The foundation has spearheaded efforts to redevelop the Civic Center area, and acquired the nearby Wells Fargo Plaza tower at 401 B Street in 2025.
Groups backing redevelopment of the area envision a center for arts, culture, housing, education and civic life. It could also include a new City Hall building.
The Prebys Foundation is the largest independent private foundation in San Diego County,
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