Escondido Real Estate

Escondido San Diego Real Estate for Sale residents have something to look forward to when the acquisition and development of these two parcels of land commences.

The Escondido City Council on Wednesday approved to buy two pieces of property upon which may soon be situated part of a minor-league baseball park, or if those plans fall through could become part of a proposed business park.

On North Spruce Street, south of state Route 78, and east of Interstate 15 properties total 4.5 acres and are being sold for six point six million dollars ($6.6 million).  The land is already taken by the Wickline Mattress Factory and the previous site of Cocina Del Charro restaurant.

To finance the building of a luxury hotel downtown, the council decided to buy the land with part of the $10.6 million it set aside last year. The plans to construct the hotel went down south earlier this month when the developer failed to meet a May 14 deadline to assure financing.

On Wednesday, the vote was 3 to 1, with Councilwoman Olga Diaz voting no, and Councilman Michael Marasco was not on the attendance list.

Councilman Ed Gallo says that this is the right thing to do, either ballpark or not. It helps with their vision for the whole total area to accomplish what they want to do west of Centre City Parkway. The whole area has to be redeveloped. Residents of Escondido San Diego Real Estate for Sale will have another place to visit once this project ends.

A group of investors headed by Padres owner Jeff Moorad hopes to accommodate a AAA-baseball team in the projected new ballpark in the area. They also have negotiated the price of the land. And while the ballpark plans still undecided at the moment, Sacramento settles on the future redevelopment plans.

The ballpark construction cost is a staggering $50million, and unless Escondido officials are sure that the redevelopment funds will be available in the coming decades to compensate for it the city won't agree to build the ballpark.

However, the council said the buying of the properties makes sense. Should the ballpark not be built in the city, the officials are hoping to build a business park in the area instead.

The city already manages about 22 acres in the area including an 18-acre city public works yard which is being relocated.

This is one of the great times to consider an Escondido San Diego Real Estate for Sale as the city officials are doing what they can to improve and spruce up the community life in this part of California.