BOAT CHANNEL DEVELOPMENTS

Excerpt from Daily Business Report, San Diego Metropolitan Magazine, May 26, 2005

The Corky McMillin Cos. received San Diego City Council approval to build a $14.7 million park on the former Naval Training Center in Point Loma. The council voted 8-1, (Councilwoman Donna Frye voting no) to approve the private placement bonds that will finance the 46-acre NTC Park, the largest waterfront park in San Diego since Mission Beach Park was approved in 1982.

"We are very pleased that the council is allowing us to move forward with this much anticipated park," says Walter Heiberg, McMillin senior v.p. and project manager of Liberty Station. "It won't be long before the city has an incredible new waterfront amenity to enjoy."

The council also voted to have the park built in two phases over three years, rather than three phases over six years. Phase I includes two ball fields, two large picnic areas, four half-court basketball courts, a sports plaza, two playgrounds, a multipurpose field, an esplanade for bicycling and walking, and restroom facilities. Funding will come from Community Facilities District bonds that will be paid off by property owners at Liberty Station. The council's action allows for the private sale of the CFD bonds.

Phase II amenities will include an aquatics complex to be funded separately and built at an unspecified time in the future. Until then, the area will be planted with turf.

"We've worked for more than a decade now to transform the former Naval Training Center into a resource all San Diegans can use, while reflecting the rich maritime history our city enjoys," says Hank Cunningham, assistant executive director of the city of San Diego Redevelopment Agency. "We're one step closer to the vision of NTC, ultimately as a destination for residents and visitors alike -- a place surrounded by green, bordered by water and centered on history."