from this morning's San Diego Business Journal (8/26):
Posted date: 8/25/2008
Hines Withdraws From Redevelopment Competition
Equity Office Properties Invests in Local Renovations
By MICHELLE MOWAD
San Diego Business Journal Staff
"The highly competitive bid process to redevelop the San Diego Civic Center for the city became a bit less heated this month.
Hines Interests LP, a Houston-based development company that also built Petco Park, withdrew its bid to redevelop San Diego’s civic center complex on Aug. 15, just days after a city analysis showed its proposal was more expensive. The city started with eight developers vying to develop this downtown project last year.
Hines was one of only two developers approved as a finalist to redevelop the complex.
The city’s analysis found that the alternative, Portland, Ore.-based Gerding Edlen Development Co.’s proposal, would cost a projected $628 million to $650 million during 50 years compared with Hines’ projected $784 million proposal for the same time period." ...
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