News Summary
San Diego has opened Progress Park, a new 1.5-acre waterfront space aimed at enhancing community engagement. The park complements the adjacent RaDD project, featuring ample lawn areas and event space designed to host concerts and festivals. With a long-term management agreement in place, Progress Park also fulfills prior development commitments. The park is expected to play a vital role in boosting foot traffic and promoting activities while being primarily a passive space.
San Diego has officially opened Progress Park, a new 1.5-acre waterfront space located at the corner of Broadway and North Harbor Drive, directly across from San Diego Bay. The park was unveiled on Monday, following the removal of fences that previously enclosed the area, and serves to complement the adjacent Research and Development District (RaDD) project, which represents a significant investment of $1.9 billion by the life science real estate investment firm IQHQ.
The vision for Progress Park emerged from a contractual agreement made in October 2021. Under this agreement, the City of San Diego transferred rights to lease the park to IQHQ for a 96-year term, obligating the firm to design and construct the park at its own expense, as well as manage and maintain it through May 31, 2117.
Progress Park is integral to IQHQ’s larger RaDD development, which spans a total of 1.7 million square feet across six downtown blocks. The project includes construction of five lab and office buildings, such as a notable 17-story tower situated at 925 Waterfront Place. Current developments within the RaDD project indicate that approximately half of the expected 200,000 square feet of retail and amenity space has been leased, with businesses like Rivian and The Shade Store already operational, while the Equinox gym is slated to open by the end of the year.
IQHQ co-CEO Tracy Murphy emphasized that the park is designed to foster community engagement, as it aims to increase foot traffic and promote various activities, including large concerts and festivals. However, it is primarily a passive space, featuring ample lawn areas, grassy amphitheater-style seating, and a sculptural installation known as the Shhh Pavilion: The Hopekeeper.
While the park will cater to event audiences, it does not include permanent buildings or restrooms, which is an important consideration for its operational usage. It is required to remain open daily from 6 a.m. to 10 p.m. Additionally, IQHQ is permitted to host paid private events within the park. Parking facilities for food trucks are made available along Harbor Drive, adjacent to the park.
The establishment of Progress Park is a key step in fulfilling stipulations from a prior development agreement dating back to 1992 between the city and the Navy. Furthermore, IQHQ’s acquisition of land for the park comes on the heels of a significant transaction in September 2020, when the firm purchased an 8.7-acre section of the former Navy Broadway Complex for $230 million, including the park site.
Currently, while the research areas within the RaDD project are primarily unoccupied, the nonprofit J. Craig Venter Institute has secured a long-term leasing agreement for 50,000 square feet of space. Meanwhile, IQHQ is enhancing its offerings by building out speculative spaces for potential life science and office tenants ranging from 10,000 to 40,000 square feet.
In support of its operational efforts and ongoing construction, IQHQ recently completed a financing round successfully securing $310 million. Notably, this funding included significant investments from Innovative Industrial Properties, a cannabis-focused real estate investment trust, co-founded by Alan Gold. The initial investment from this trust amounted to $105 million, coupled with plans for an additional investment of up to $165 million through preferred stock purchases.
Overall, Progress Park aims to serve as a vibrant and dynamic addition to the San Diego waterfront, promoting community interactions and fostering growth within the thriving RaDD project.
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Additional Resources
- San Diego Union-Tribune: Progress Park Opens
- San Diego Union-Tribune: Home
- Cruise Industry News: Freedom Park Update
- Google Search: San Diego Bay
- Times of San Diego: East County Brush Fire
- Encyclopedia Britannica: San Diego
Author: STAFF HERE SAN DIEGO WRITER
SAN DIEGO STAFF WRITER The SAN DIEGO STAFF WRITER represents the experienced team at HERESanDiego.com, your go-to source for actionable local news and information in San Diego, San Diego County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Comic-Con International, San Diego County Fair, and San Diego Pride Festival. Our coverage extends to key organizations like the San Diego Regional Chamber of Commerce and United Way of San Diego County, plus leading businesses in biotechnology, healthcare, and technology that power the local economy such as Qualcomm, Illumina, and Scripps Health. As part of the broader HERE network, including HEREAnaheim.com, HEREBeverlyHills.com, HERECostaMesa.com, HERECoronado.com, HEREHollywood.com, HEREHuntingtonBeach.com, HERELongBeach.com, HERELosAngeles.com, HEREMissionViejo.com, and HERESantaAna.com, we provide comprehensive, credible insights into California's dynamic landscape.
