NTC Promenade
NTC Promenade has become a model by which a municipality can promote and encourage an arts, culture, science and technology center that not only survives, but grows. Established in 2000 with the purpose of preserving and renovating 28 former U.S. Naval Training Center buildings and the surrounding property in Point Loma, the organization currently has a 90 percent occupancy rate within the available properties it managers – better than the area’s average by nearly 50 percent, according to mid-year 2010 statistics. Moreover, nearly 98 percent of its tenants are current on their lease payments. Additionally, many of these shops and services have found that their revenues have increased by residing in a location that encourages families and other businesses to come, collaborate and celebrate San Diego’s arts, culture, history and environment. In doing so, NTC Promenade also created hundreds of jobs at prevailing wages at a time when regional employment opportunities are in great demand.
The organization is planning on embarking on Phase II of its redevelopment plan, and intends to renovate seven building to double its base of galleries, artists, designers, dance companies, music studios, restaurants and specialty shops as well as community and civic non-profit groups. NTC Promenade is aggressively pursuing letters of intent from prospective tenants to secure financing and begin renovation efforts. So be on the lookout for some positive press coming soon from Stalwart Communications!
