Developers announced today that they have secured financing for the second phase of BRIC, a hotel centric mixed-use development formerly known as Lane Field, in San Diego, and will begin construction May 10. The InterContinental® Hotels & Resorts property will feature 400 guest rooms atop ground-level restaurants and shops along Broadway and Pacific Highway in downtown San Diego. Hong Kong-based China Orient Asset Management International (COAMI) provided equity financing and PNC Bank, N.A. & Regions Bank provided construction loans for the approximately $217 million development.
“Beginning construction of this second phase of BRIC’s development is a major milestone for a significant addition to San Diego’s North Embarcadero area,” said Ambrish Baisiwala, CEO of Portman Holdings. “We have been working with our partners at Lankford & Associates and Hensel Phelps for many years to bring this entire mixed-use development to fruition, and are thrilled to break ground on this new phase, bringing the first full service luxury property to San Diego’s waterfront in quite some time.”
The development team consists of Portman Holdings, Lankford & Associates and Hensel Phelps. The joint venture also developed BRIC’s first phase together, the adjacent SpringHill Suites and Residence Inn, which opened earlier this year.
“COAMI is delighted to be participating in this project with Portman Holdings, whose experience developing quality hotels in the San Diego market is unparalleled,” said Lijian Chen, CEO of COS Capital, a subsidiary of COAMI. “The location of this hotel, which will be close to downtown, the cruise line terminal, and the convention center, and its sweeping views of the waterfront, make it a uniquely attractive property.”
Plans for the 18-story hotel include a signature restaurant and bar located on level three, with expansive views of the San Diego Bay. It is part of several multi-level indoor/outdoor terraces and balconies that offer similar views. The hotel will have 23,000 square feet of ballrooms and meeting space. The two ballrooms each have a full glass wall with views of downtown and the bay. Also included is an outdoor pool, fitness center, spa and rooftop bar. The development, along with its 32,850 square feet of ground-level restaurants and shops along Broadway and Pacific Highway, will include a landscaped walkway and plaza along Broadway, and 686 parking spaces in a subterranean garage, 271 of which are available to the public.
“We are extremely pleased to be growing the InterContinental Hotels & Resorts portfolio on the West Coast with the addition of this outstanding hotel in San Diego,” said Joel Eisemann, Chief Development Officer, The Americas, IHG. “We also look forward to continuing to work with Portman, which has an impressive track record of developing and owning great hotels.”
John Portman & Associates is designing the building, and general contractor Hensel Phelps plans to complete construction in September of 2018.
