Bechtel Corp. Makes Major Downtown Land Purchase

The Bechtel Corp. has purchased most of a downtown block that will be developed with offices and retail stores across from Symphony Towers, the planned two-tower hotel and office complex that will be the tallest building in San Diego when completed in 1988.

Great American First Savings Bank announced the sale Tuesday to San Francisco-based Bechtel. Bechtel paid $6.25 million for the 50,000-square-foot property, which the bank purchased for $3.37 million in December, 1983. The property is bordered by A and B streets and 8th and 9th avenues.

The Sports Chalet, a sporting goods store, sits on one corner of the block, and the store and its property was not included in the sale. The rest of the block is used as a parking lot.

In 1985, the Charlton Raynd Development Co. purchased the adjoining 60,000-square-foot block between 7th and 8th avenues and A and B streets. The company is developing the $149-million Symphony Towers complex on the site, which will include a 33-story office building. The complex will sit adjacent to Symphony Hall, on B street, and a 450-room, 18-story hotel, on the A street side of the block.

Charlton spokesman John Whitney said the company will co-develop the adjoining property with Bechtel. He called the purchase “a natural extension of Symphony Towers,” but declined to be specific about development plans for the lot. Instead, Whitney said Charlton officials will hold a press conference next month to discuss plans for the property.

“All I can tell you right now is that we intend to develop it as a second-phase office building, and it will include some retail shops. We haven’t set a schedule for the development . . . We’re not announcing a project at this time. It’s still very early in the planning stages,” said Whitney.

But Whitney did say that the building’s design will complement Symphony Towers, which will blend a style of classical and modern architecture and will feature glass, Spanish pink granite, trussing and cone-shaped rooftops.

The almost $3-million profit realized by Great American after owning the property for only 28 months is “indicative of the rising value of downtown property,” said bank spokesman Kenneth G. Ulrich.

Bechtel has been eager to involve itself in the redevelopment of downtown San Diego, said spokesman Rick Laubscher, who called the city “an exciting urban area.”

“The prospects there for positive growth are real good,” said Laubscher. “It has a good city government, good services . . . and we see good investment opportunities there.”

The lot purchased by Bechtel is seen as a prime downtown location. In addition to its location on B street, which is becoming San Diego’s main financial area, the property also is close to the California 163 and Interstate 5.