Once a crown jewel in downtown San Diego, Horton Plaza has become a stark emblem of what can go wrong when grand redevelopment visions collide with shifting market realities and flawed assumptions.
When Westfield purchased Horton Plaza in the late 1990s, the vibrant 1985-era mall—designed by Jon Jerde with bright colors, jarring spatial rhythms, and pedestrian adventure in mind—still stood as a symbol of urban revitalization, helping reshape downtown retail culture. But by 2016, the property had devolved into an echo of itself, its architecture no longer charming but inaccessible, and its tenant base thinning as foot traffic moved elsewhere.
In 2018, Stockdale Capital Partners acquired the mall with bold ambitions: convert it into The Campus at Horton, a live-work-play “innovation hub” anchored by tech, biotech, and life science tenants, bolstered by retail and food amenities. Phase 1 began in earnest with financing secured – more than $330 million in construction loans by early 2020, eventually soaring to $398.5 million…