By Lori Weisberg / U-T San Diego / Dec. 1, 2012
After more than a year of legal and financial limbo, Belmont Park is in the hands of a new operator who plans to invest millions of dollars to upgrade the Mission Beach landmark, add new restaurants and repair the historic Plunge pool.
Rancho Santa Fe-based Pacifica Enterprises, a real estate investment firm, is teaming with the Pacific Beach company Eat.Drink.Sleep to transform the city-owned park into a retail, dining and entertainment venue that they say will draw locals and tourists year-round.
“We think Belmont Park has great stature in San Diego, but it’s been left unimproved for too long, and we’re in the business of turning around assets,” said Nicolas Biancamano, director of acquisitions for Pacifica, which last month acquired the 26-year park leasehold in a trustee sale. “We have a stronger pull with national tenants and more capital available to make improvements, and as you make improvements, you can attract more tenants who can bring traffic to the site 365 days a year rather than just in the summer.”
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Real estate investment firm? Why does that not make me feel at ease?
Ready to be Bained or Twinkied?
I”ll bet it gets sold in pieces at a loss, but the “owners” make a fortune.
But, I hope the city has a strong contract for a real commitment.
Richard, not every investment firm is rooted in evil. I welcome this move and hope it works out for all parties! It’s a shame such a wonderful venue like the Wave House hasn’t been booking large acts to play.