August 13, 2023
Rumors are swirling that the highly-anticipated Target store scheduled to open on the base floor of a new luxury high rise in San Diego's East Village is pulling out of the project due to concerns over increased homelessness and crime in the area.
We have received information that Target will or already has pulled out of the Radian project, despite having an executed lease in place with a corporate-backed guarantee. It is alleged that the company has growing concerns over increased homelessness and crime in the East Village neighborhood and aims to use contract contingencies or negotiate a buy out to get out of its obligations. We reached out to Cisterra Development to confirm, and a representative responded stating that he had also heard this rumor but firmly believes Target is still opening at Radian. Target has not responded to our request for comment.
Cisterra has several other downtown San Diego projects, including DiamondView Tower, Sempra Energy's headquarters and was tasked to lead the development of the once-forthcoming 7th & Market. The latter was previously set to house the city's first Ritz-Carlton hotel, before Cisterra announced earlier this year that the luxury hotel pulled the plug on its 2016 agreement to develop the city-owned land at 7th Avenue and Market Street in East Village. Cisterra Development still has the Ritz Carlton Hotel listed as part of its plans for the 7th & Market project on the company website, despite the entire project being officially dead and Cisterra no longer involved.
The Radian has the highest rent of any downtown San Diego apartment complex, even considering units in highly sought after Little Italy. The property's average monthly rent is $4,733 across 241 apartments. It is one of the top 10 most expensive apartment buildings in all of San Diego County. The complex is currently around 40 percent leased. Radian will host its official grand opening next week.
Radian is located at 659 Ninth Avenue in San Diego's East Village. For more information, visit cisterra.com/radian.