Mayor Todd Gloria has announced a plan for the 101 Ash Street real estate debacle that would allow the city to buy both the Ash Street building and Civic Center Plaza.
San Diego mayor Todd Gloria's proposed settlement agreement involving the building at 101 Ash St. would allow the city to buy it and Civic Center Plaza.
Cisterra Development would refund the city $7.4 million it made in profits on the Ash Street transaction, but it would get to keep the $6.2 million it made on the Civic Center Plaza. After the San Diego City Council approved the initial lease-to-own agreement in 2016, it was discovered that the Ash Street building was uninhabitable. The costs to fix it have been estimated to be up to $115 million. In the proposed settlement, the city would have to pay the remediation costs to fix the building.
The proposed settlement calls for the city to pay $86 million to buy 101 Ash Street, even though it has been appraised at about $67 million. The city's chief operating officer Jay Goldstone said the city would pay for the building by diverting money from infrastructure projects like road improvement projects and storm water initiatives.
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