Shimizu of Japan Buys Majority Stake in San Diego Project

Japanese contracting giant Shimizu Corp. has acquired a majority interest in the $171-million Great American Plaza office complex now under construction in downtown San Diego, Great American Bank announced.

Thursday’s announcement capped a two-year search for financing by Great American, a $16.4-billion savings and loan based in San Diego that will move its headquarters to the site upon completion in 1991. Shimizu Land Corp., the Japanese firm’s American development subsidiary, will be general partner of the project.

The entire Great American Plaza project will ultimately consist of a 34-story, 650,000-square-foot office tower and a 272-room Guest Quarter Suite Hotel. The project will also have 22,400 square feet of retail and restaurant space.

Shimizu and Great American will be partners in all components of the project except the hotel, which will be owned and developed by Starboard Development Corp. of San Diego.

Shimizu, which had $10 billion in worldwide revenue last year, already has an ownership interest in one other San Diego project, the $150-million Aventine office-hotel-restaurant complex under construction near San Diego in La Jolla.