San Diego Mayor Todd Gloria last week announced a tentative 30-year lease deal for Hope @ Vine at a cost of $1.95 per square foot with annual 3.5% rent increases and an estimated $12.5 million in facility maintenance costs over the term.
The warehouse at Kettner and Vine proposed for a new homeless shelter is seen through a security fence, June 26, 2024.
Not so fast, said the city's independent budget analyst — an independent office intended to review and publish reports on the mayor's budget moves. Analysts in that office are urging the council to use caution in considering the deal, lest the city find itself mired in yet another bad real estate deal such as 101 Ash Street.
According to the IBA, the city's investment for leasing the property on Kettner Boulevard will cost $15.7 million more than just buying the building outright and completing tenant improvements itself.If the lease as proposed by Gloria is approved, the city will need to find $29.8 million annually in new revenue — no easy task for a city just one month removed from a budget process featuring stop-gap measures to avoid service cuts.— 19 months of rent waived, $2.
— deal includes adjacent parcel of land that can serve"multiple uses including for additional shelter and services."
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