Ending a year-long selection process, the U.S. Navy selected a development team led by San Diego-based Manchester Financial Group and McLean, VA-based Edgemoor Infrastructure and Real Estate, the San Diego Union-Tribune reported. The team was chosen to replace the obsolete NAVWAR facilities and remake the rest of the 70.3-acre military campus in San Diego’s Midway District with private development.
“We’ve been tracking this for a long time. We had a successful project with the Navy on the previous building, the Broadway project” in 2006, Ted Eldredge, president and CEO of Manchester Financial, told the Union-Tribune. “This is another opportunity to develop a key piece of property in San Diego.”
The parties expect to soon enter into an exclusive negotiating agreement, opening the door to dialogue between the federal agency and its new partners. The contract will also outline the tasks required to complete a transaction.
