We at The Corky McMillin Companies are very proud of our work at Liberty Station, our relationship with the City of San Diego Redevelopment Agency and our record of doing what’s right for this community.
We believe that Liberty Station is a boon for the city of San Diego, and we will explain why:
This project, as proposed by the city in its request for proposals to find a developer, was a land-based endeavor. The city’s goal was to find a partner, which it did with McMillin, to incur all the costs of developing the land and creating economic revitalization to this area. It didn’t want to participate in the inherent risks of developing land and constructing and renovating buildings.
Here is the rest of the story that we would like to share.
“¢ This is an $850 million project that is being entirely funded without taxpayer dollars. The taxpayers are completely protected by our agreement with the city.
“¢ At a time when the city can’t afford to fix potholes or replace aging water and sewer lines, McMillin is putting more than $130 million worth of infrastructure improvements in and around the project area, including new water and sewer lines, storm water systems, gas and electric, street and traffic improvements, new sidewalks, landscaping, demolition, hazardous materials cleanup and remediation and more. This is actually the most important part of this project. Without it, nothing else could be built here.
“¢ Upon build-out anticipated in 2009, this project will generate more than $5.6 million in annual Transient Occupancy Tax (TOT) for the city.
“¢ Liberty Station will generate $215 million in tax increments over the life of the project that will be used by the city’s Redevelopment Agency for the benefit of the project area and for affordable housing and schools.
“¢ This project will generate more than 8,000 permanent jobs.
“¢ Tens of millions of private dollars are being invested into the restoration and reuse of city-owned historic buildings and open spaces that otherwise would be shuttered and blighted.
“¢ Liberty Station includes a nationally envied, 28-acre civic, arts and cultural center being developed here that is already bustling with dance, visual and healing arts groups and special community events and activities.
“¢ The first phase of a 46-acre waterfront park is almost open.
“¢ Much-needed shopping, dining and recreational amenities are all being built for the community’s benefit.
Can you imagine what NTC would look like today if the city hadn’t proposed the redevelopment agreement it did? None of these amenities would be here, and NTC would be a virtual ghost town, like many other closed military bases around the country.
Our dad Corky’s vision for Liberty Station was that it would be a walkable live, work and play community. It has become even more than that “” it is a national model for how to redevelop a military base. We’re proud of the fact that our dad’s vision is coming to fruition, and we are also pleased that many of our employees have chosen to purchase here at Liberty Station and make it home for themselves and their families. We invite San Diegans to visit Liberty Station to see for themselves what an incredible project and amazing asset to the city Liberty Station has become.
Mark and Scott McMillin are the co-chairmen/CEO of The Corky McMillin Cos.