Protea Property Management, a company with ties to Seaport San Diego developer 1HWY1, will continue to oversee day-to-day operations through June 30, 2024.
A property management firm tied to the development team seeking to remake downtown San Diego’s Central Embarcadero will continue, for at least another year, to operate the collection of bayside shops that make up Seaport Village.
For its services, Protea will be paid 1.7 percent of gross revenue, or a minimum of $10,000 per month, with the total fee capped at $263,415 for the fiscal year, the amended contract states. The company is also reimbursed for staff-related expenses.A spokesperson for the port, which controls the bayfront property, said the parties are also working to craft a longer-term agreement that would keep the shopping center operating under Protea’s care until its anticipated redevelopment.
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