The board of the San Diego Convention Center Corporation is acquiring a key piece of land to expand the facility. The 7+ acre property was held by Fifth Avenue Landing LLC and the board agreed to pay $13.5 million to buy out the lease. The deal calls for a $1 million payment upfront, then $500k per year for the next four years, then a baloon payment of the balance on the fifth anniversary of the sale. The contract does allow the city to back out of the deal at anytime, but they would forfeit any payments already made. Search all La Jolla homes for sale.
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