The long-awaited Campus at Horton is in trouble, according to a new report.
The status of the project, the former Horton Plaza shopping center, is in question due to the property falling into foreclosure, the San Diego Union-Tribune reported.
If Stockdale Capital Partners, which has long-standing plans to redevelop the 7-block site, doesn’t find a way to pay back $351.2 million in 90 days, the firm could lose it.
In March 2020, Stockdale announced that it had secured a $330 million loan with a group of funds managed by Alliance Bernstein to continue redevelopment efforts at Horton.
At one time Stockdale hoped the redeveloped property, as a managing director said, would become “the pinnacle of mixed-use campuses in Downtown,” with 700,000 square feet of creative office space and 300,000 square feet of retail with amenities to include food and beverage, health and wellness and arts and entertainment.
Months later, the project was projected to be completed in early 2022, with the potential to be home to at least 3,000 “high-quality jobs.” Stockdale planned to target the region’s life-sciences sector to occupy part of the site.
Stockdale, based in Los Angeles, has business, retail, medical and hotel properties throughout the west, in California, Arizona, Colorado and Texas. According to its website, the firm manages approximately $2.8 billion in gross assets.
As late as December, Stockdale continued to acquire new properties. The firm announced the purchase of the Oaks Mall in Thousand Oaks, a deal backed by Marathon Asset Management through a $164 million mortgage.
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