In its latest report the Business of Cities, JLL has selected San Diego as the most business-friendly market in the state of California. The report analyzes the decisions of real estate investors, developers and occupiers. San Diego has fostered policies that help to attract these stakeholders and drive economic growth.
"It's about fostering redevelopment to revitalize the city in a positive way through generating investor interest in development that makes economic sense and benefits the citizens with thoughtful community development," Bob Hunt, managing director of public institutions at JLL, tells GlobeSt.com.
Civic San Diego, a city-run non-profit, is at the center of these policies. The non-profit was launched after the state dissolved redevelopment agencies. "The group is tasked with fostering and facilitating redevelopment projects that contribute to the overall fabric of the City that are performed by the private sector," says Hunt. "Some of the organizations key functions include: Providing planning and permitting services for Downtown; conducting economic development and neighborhood investment activities—including seeking grants and new revenue sources for these activities—and managing and administering the City New Market tax credits."
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The organization helps real estate players with crucial aspects of the deal and development process to ease the burden of transacting in the market. "They operate with the efficiency and professionalism of a private sector real estate organization and do everything from helping with entitlements, vetting feasibility of potential redevelopment opportunities and providing targeted funding to support positive development; particularly in underserved areas of the city," says Hunt.
Civic San Diego has continued to expand, forming Civic San Diego Economic Growth and Neighborhood Investment Fund. These organizations certified the organization as a Community Development Entity. "The main role of the Community Development Entity is to secure New Markets Tax Credit funds as well as manage Qualifying Low-Income Community Investments to continue the work of revitalizing San Diego's underserved neighborhoods," says Hunt. "This often provides the critical bridge financing and development incentives necessary to bring private development to these areas."
The organization also works closely with private sector advisors, including JLL. Hunt says that this helps to analyze opportunities and development opportunities. "Then, from a developer standpoint, they try to facilitate the entitlement process within the framework they of the overall district plan," says Hunt. "They also strip away some of the bureaucracy you might otherwise find in the approval process without a dedicated redevelopment organization, this also helps create a business-friendly environment for investors."
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Kelsi Maree Borland
