Port Renews Property Management Agreement for Seaport Village with Protea Property Management, Inc.
Contact: bpage@portofsandiego.org, 619.348.1518, bpage@portofsandiego.org
The Board of Port Commissioners has renewed the Port of San Diego’s agreement with Protea Property Management, Inc. (Protea) for Seaport Village. In April 2018, the Port entered into an agreement with Protea for management and operation of Seaport Village, the bayfront dining and retail center owned by the Port. Through strategic operational and financial investments, the Port and Protea have successfully revitalized Seaport Village into a vibrant waterfront destination for locals and visitors.
“We are proud to continue our relationship with Protea Property Management for Seaport Village. Over the past several years, the Port’s commitment and stewardship assisted by Protea’s valuable management services have elevated the Seaport Village experience, driving growth and fostering a lively, welcoming environment on our bayfront,” said Chair Danielle Moore, Port of San Diego Board of Port Commissioners. “We look forward to even greater success as we move ahead with Protea and build upon this momentum.”
“It has been both a privilege and a pleasure to work with the Port to create such a vibrant and exciting experiential destination on our waterfront,” said Jeffrey Essakow, president of Protea Property Management. “We look forward to continuing this exciting partnership for the next four years.”
To date, the Port has invested and committed nearly $11 million in tenant improvements, site enhancements, and activations. Gross sales have increased from $45 million to $68 million since 2019, and occupancy is at 97 percent with 57 tenants – mostly locally-owned and operated businesses with a mix of new and old favorites. The latest openings include Shorebird Restaurant, Zytoun, Miss Match, Raihan Café, and The Best Donuts.
Site enhancements include a brand refresh with new signage, murals, and exterior painting on the property’s iconic buildings, upgraded amenities like the urban beach that features a picturesque seating area with Adirondack chairs facing the bayfront vista, new landscaping, more modern and moveable furniture, and more.
The term of Protea’s new property management agreement runs through September 30, 2029, with total property management fees anticipated to be just over $1 million.
For the latest events and news, visit seaportvillage.com and follow Seaport Village on Instagram and Facebook for daily updates.
About THE Port of San Diego
The Port of San Diego serves the people of California as a specially created district, balancing multiple uses on 34 miles along San Diego Bay spanning five cities. Collecting no tax dollars, the Port manages a diverse portfolio to generate revenues that support vital public services and amenities.
The Port champions Maritime, Waterfront Development, Public Safety, Experiences and Environment, all focused on enriching the relationship people and businesses have with our dynamic waterfront. From cargo and cruise terminals to hotels and restaurants, from marinas to museums, from 23 public parks to countless events, the Port contributes to the region’s prosperity and remarkable way of life on a daily basis.