RMD Group, a development and management company, announced plans to redevelop the historic Grand Pacific Hotel, a 15,000-square-foot building in the heart of Downtown San Diego’s Gaslamp Quarter. The plans include a long-term lease with San Diego-based real estate investment and management company HP investors.
The property, located at 360 Fifth Ave., benefits from its high-traffic location on the corner of Fifth and J Streets. It will be transformed into a multi-level, multi-concept restaurant and bar, according to the announcement.
RMD Group will begin its multimillion-dollar investment into the property starting spring 2018. The new, yet-to-be-named concept will open to the public in mid-2019.
“The Gaslamp truly is ‘home’ for us at RMD Group, so when we heard about the opportunity with this historic space located in our own backyard, we naturally jumped at the chance to work with HP Investors to develop an entertainment and dining destination unlike anything we’ve created before,” said RMD Group Partner Michael Georgopoulos. “Our goal is to establish a true entertainment hub where food, wine, beer, cocktails and music come together in a variety of unique spaces and experiences perfect for everyday dining, drinking and special large-scale meetings and events.”
“The Grand Pacific Hotel is a historic and important building for San Diego, so we wanted to focus on a thoughtful redevelopment of the site that kept the integrity of the building while offering a modern concept that reflects the future of the Gaslamp,” said HP Investors Managing Partner Sumeet Parekh. “In RMD, we got a partner who has the experience and knowledge to not only pull off the renovation but also be successful long-term.”