Mayor Todd Gloria Monday announced a potential settlement with Cisterra Development and lender CGA over the 101 Ash Street and Civic Center Plaza real estate deals that would transfer ownership of the properties to the city.
The settlement -- besides transferring ownership of the former Sempra Energy headquarters at 101 Ash Street and the Civic Center Plaza, housing more than 800 city employees -- would refund the city $7.4 million in profits Cisterra made in its lease-to-own deal on the 101 Ash property, while allowing the company to keep its $6.2 million in profits from a similar deal with Civic Center Plaza.
"I continue to feel deceived by the information provided to use at that time," Gloria said, referring to his membership on the council in 2016, when the deal was approved."Ultimately, I do not believe [further litigation with Cisterra] is in the best interests of taxpayers." The city will be entitled to all insurance or third-party reimbursement related to the botched remediation of 101 Ash and"will be able to determine the best course of action to garner the most value from building," a city statement reads."The 101 Ash saga has been a civic tragedy that should infuriate every San Diegan," he said.
"The city was a positive counterparty in those discussions and the resolution announced today is the result of all parties working hard to find a fair compromise, which we believe has been achieved," he said. The city alleges it learned of $4.4 million Hughes was paid by Cisterra as part of the 101 Ash Street transaction through its litigation over the lease-to-own deal for the downtown high-rise, which was evacuated due to asbestos violations shortly after city workers were moved into the building. The skyscraper remains vacant, and questions and accusations abound among elected officials and the general public over how the deal went through amid apparent structural issues.
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