DEVELOPMENT: Doug Manchester to build condos, office complex on U-T San Diego land

U-T San Diego reporters may soon be sharing their space with cranes and construction crews as newspaper owner and developer Doug Manchester prepares to build a mixed-use development at the newspaper's Mission Valley property, according to notices surrounding the building.

According to the City of San Diego "notice of application," Manchester plans to build 198 residential condominium units, each with parking, 6,470 square feet of retail space, and 234,415 square feet of office space.

Since buying the paper formerly known as the Union-Tribune in November, Manchester has invested in the newspaper's headquarters building, adding a television studio and a restaurant on the lower floor. But many observers thought his primary interest in the newspaper was the real estate, and this move seems to give credibility to that notion.

Neither U-T San Diego Publisher John Lynch nor U-T San Diego editor Jeff Light immediately returned calls for comment.

At least one newsroom staffer was unaware of the project when reached for comment.

The San Diego County assessor values the 12.9-acre headquarters at $51 million, but its tax valuation hasn't changed in decades.

The move to build to add so much office space comes as the market for top-quality office space has tightened in recent months, though the project will likely need years to come to fruition.

Manchester previously confirmed that he paid $110 million to Beverly Hills-based private equity firm Platinum Equity to buy U-T San Diego, and that the paper was earning roughly $30 million by one measure ---- sometimes referred to as a company's EBITDA, an acronym for earnings before interest, taxes, depreciation and amortization.

Manchester has a long history as a developer in the region, having tried to build hotels in Oceanside and in downtown San Diego, and having built the Manchester Grand Hyatt near the San Diego Convention Center.

The plans for the development at U-T headquarters must still go before the Mission Valley Planning Group and the San Diego Planning Commission, and receive approval from the San Diego City Council.

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DEVELOPMENT: Doug Manchester to build condos, office complex on U-T San Diego land