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Beyond Food – How a 25k SF Empty Space Became One of San Diego’s Most Beloved Destinations & Transformed Liberty Station
Opportunity ​​
Liberty Public Market began as a vacant, 25,000-plus-square-foot space in Liberty Station’s North End—an area with approximately 40% occupancy and no clear identity.
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Existing businesses brought activity, but the area lacked a central attraction that could generate consistent daily visits and help surrounding properties attract tenants. The challenge extended beyond filling one vacancy: the North End needed a stronger reason for people to come and spend time.
A public market offered that opportunity. But the food hall model was still largely unproven locally, requiring a viable business plan and vendors willing to commit to a new concept in an unestablished location.
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Strategy
Create a food-led destination that would draw people to Liberty Station’s North End and strengthen demand for the surrounding properties.
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A curated mix of local food businesses would give the market its identity and visitors a reason to return. Tenant mix, lease terms, and operations were developed together to support vendor success, sustainable property income, and an active gathering place for the district.
Execution​​
A business plan grounded in the market’s economics
Financial underwriting and business planning informed the revenue model, leasing approach, and operating requirements.
Lease terms were structured to support vendor viability alongside property income, recognizing that the market’s performance depended on the businesses within it.
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A vendor mix with variety and a shared identity
Tenant mix planning balanced local artisans, established businesses, and emerging food entrepreneurs. Complementary offerings gave visitors reasons to explore the market and return.
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Recruitment required building confidence in both the concept and the location, securing businesses willing to participate before the market had an established audience.
Operations and programming that supported the vendors
Operational planning addressed the day-to-day requirements of a multi-vendor market. Events and programming introduced customers to participating businesses and supported activity beyond their individual storefronts.
Results​​
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Within two years of opening, Liberty Public Market had become a major draw for Liberty Station — bringing substantial foot traffic to the North End, attracting new businesses, and turning a sparsely occupied area into an active destination for food, shopping, and gathering.​
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233%+
Increase in rents
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53%
Portfolio value growth
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Retail rents in the surrounding North End increased from approximately $1.50 to over $5.00 per square foot. The market generated regular visitor activity and contributed to much stronger leasing demand and a clearer identity for the area.
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Project Role
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Played a key role in business plan development, tenant mix strategy, and deal structuring, while leading financial underwriting and supporting operational planning and execution.
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Value Created
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The market gave the North End an anchor whose value extended beyond its own lease income. Bringing complementary vendors together created a shared customer draw, supporting the businesses inside and activity around them. A vacant building became an income-producing destination that strengthened the appeal of the surrounding properties and helped establish Liberty Station as a regional attraction.
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Could a stronger anchor unlock more value across your property?
Let’s talk.