By SDBJ Staff
Published at 9:44 AM PDT on Oct 6, 2014 | Updated at 9:45 AM PDT on Oct 6, 2014
San Diego-based HP Investors LLC has joined the group of developers planning the mixed-use Makers Quarter project in East Village, buying out the interest of Portman Holdings for an undisclosed price.
A statement from HP Investors said the company has joined with current Makers Quarter developers Lankford & Associates and Hensel Phelps to form a new co-development entity called L2HP.
The newly formed group is scouting tenants to turn a five-block area of East Village into a new urban neighborhood “that serves as a catalyst” for future links with the surrounding downtown area. Plans call for residential, office, retail, restaurant and other community elements.
Developers last year turned a vacant lot in the development area into a gathering hub called Silo, which developers said has attracted more than 11,500 people to the Makers Quarter site.
Announced in 2013, Makers Quarter is slated for an area bounded by 14th Street, 17th Street, Broadway and G Street. Developers have previously estimated that the multiblock Makers Quarter would represent an investment of $900 million by several entities by the time it is fully built out over the next several years in multiple phases.
It is one of two large mixed-use developments underway in a part of East Village known as the IDEA District, with plans to transform underutilized properties into a vibrant hub for economic activity geared to innovation, design, education and the arts.