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CASE STUDY

LIBERTY PUBLIC MARKET

Beyond Food – How a 20k SF Empty Space Became One of San Diego’s Most Beloved Destinations & Transformed Liberty Station

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Project Overview​​


Liberty Public Market began as a 20,000+ SF vacant space in Liberty Station’s underperforming North End — an area with just 40% occupancy and no clear identity. At the time, Liberty Station was at a crossroads, lacking the anchor or momentum needed to become a true destination.

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With the right mix of strategic vision, business development, and operational execution, Liberty Public Market didn’t just fill a vacancy — it became the anchor that redefined Liberty Station, driving foot traffic, attracting top-tier tenants, and significantly increasing asset value.

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Today, it stands as San Diego’s premier food hall — a high-energy destination blending culinary talent, local culture, and placemaking at scale. But the path to get there required a bold, high-risk bet on an unproven model.

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The Challenge

 

Before Liberty Public Market, Liberty Station had promise — but lacked a central draw to generate daily foot traffic or unify the district.

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While Stone Brewing brought some activity, it catered to a niche audience and was tucked away — limiting its impact.

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Key barriers included:

  • A large vacant space with no clear vision for activation

  • Absence of a flagship attraction to drive consistent traffic

  • Difficulty attracting high-quality tenants to an unproven location

  • No long-term revenue model to ensure sustained success

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Without a bold vision and effective execution, the space risked remaining invisible — rather than becoming the heartbeat of Liberty Station.

The Transformation​​

 

Within two years of launch, Liberty Public Market became the signature destination of Liberty Station — transforming the area from fragmented retail into one of San Diego’s most visited cultural districts.

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Back in 2012, food halls were not yet proven concepts — especially not locally. The risks were high, with few successful models to follow. But by identifying the opportunity early and executing with precision, we turned uncertainty into momentum.

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From curating the vendor mix to operational strategy, every detail was designed to create energy, draw crowds, and establish long-term success.

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What started as a bold activation became a replicable model for turning overlooked assets into thriving destinations.

Results
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  • Transformed a vacant 20,000+ SF space into a fully leased food hall, achieving stabilization within the first year

  • Drove foot traffic that turned Liberty Station’s North End into a must-visit destination, raising retail rents from ~$1.50/SF to over $5.00/SF

  • Significantly increased asset and district value by attracting high-performing tenants and creating long-term demand

  • Solidified Liberty Station’s identity as San Diego’s town square, blending commerce, culture, and community

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How We Did It
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1. Concept Development & Strategic Positioning

  • Developed the business model — ensuring profitability & long-term sustainability.

  • Designed a tenant mix strategy that balanced local artisans, established brands, and emerging food entrepreneurs.

  • Positioned Liberty Public Market as a culinary and cultural hub, ensuring it would be a draw for both residents and tourists.

 

2. Asset Management & Deal Structuring

  • Developed and executed a strategic leasing model, ensuring the right balance of vendors for long-term success.

  • Structured lease agreements to maximize profitability while fostering vendor success and longevity.

  • Managed property assets effectively, ensuring continued operational efficiency and financial performance.

 

3. Business Development & Market Growth

  • Strategic tenant acquisition, securing high-quality food and retail vendors willing to invest in a new concept.

  • Increased foot traffic and tenant success through strategic programming and event-driven activations.

  • Created a destination experience, transforming Liberty Station into a bustling town square rather than just another retail center.

 

4. Long-Term Value Creation

  • Enhanced overall property values, benefiting both individual tenants and the broader Liberty Station district.

  • Strengthened Liberty Station’s brand identity, securing its reputation as one of San Diego’s premier gathering spaces.

  • Ensured long-term financial sustainability, positioning the project for continued growth and success.

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Our Roles
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  • Business Plan Development – Played a key role in building out the business plan, determining ideal tenant mix and deal structuring terms.

  • Asset Management & Operations – Led financial underwriting and management to drive long-term value and sustainability.

  • Concept Development – Ensured a cohesive, high-impact strategy from planning to implementation.

  • Revenue Growth & Tenant Success – Balanced profitability with vendor success, creating a win-win ecosystem.

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Final Thoughts
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Liberty Public Market was more than a food hall—it was the catalyst that redefined an entire district. By blending strategic vision, business development, and placemaking, we transformed an underutilized asset into San Diego’s premier cultural and culinary destination.

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Want to replicate this model for other mixed-use properties?
Let’s talk.

📧 hello@mosaicadvisors.co​

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