SAN DIEGO–The city council Tuesday unanimously approved a plan to develop about 360 acres at the former Naval Training Center.

Locally based builder Corky McMillin Cos. plans to develop office and research and development buildings, two hotels, homes, parkland and other structures on the property in the Point Loma area. The $500-million project will be built over a 10-year period.

Mayor Susan Golding calls development of such a valuable piece of waterfront property “a real opportunity” for the city. Failure to take advantage of the project “will be a tragedy,” she adds.

The federal government announced in 1993 that the Navy boot camp would be closed along with dozens of others nationwide following the end of the Cold War.

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