Acquisition removes a long-standing barrier to Civic Center revitalization and creates new opportunities for the future of downtown.
SAN DIEGO (July 17, 2026) — The Prebys Foundation has signed a Purchase and Sale Agreement to acquire the California Theater site in downtown San Diego, marking an important step in the Foundation’s long-term commitment to strengthening the city’s urban core through mission-aligned investment.
The Foundation expects to close the property on July 31.
For years, the vacant California Theater has stood as a highly visible challenge in the heart of downtown. By acquiring the property, Prebys intends to remove a significant barrier to revitalization while creating new possibilities for housing, arts and culture, economic opportunity, and community life around the Civic Center.
The acquisition aligns with the Foundation’s broader vision of a vibrant, arts- and culture-centered downtown that connects neighborhoods, supports residents and businesses, and serves as a welcoming civic destination for all San Diegans.
Following the close of escrow, the Foundation’s immediate priority will be to safely prepare the site for demolition through the required engineering, permitting, and regulatory processes. Once the site is cleared, Prebys will work with community, public, and market partners to explore the highest and best long-term use for the property. No final development plans have been determined.
“This is about creating possibilities,” said Grant Oliphant, President and CEO of the Prebys Foundation. “The California Theater has long represented one of the greatest barriers to realizing downtown San Diego’s full potential. By removing that obstacle, we can begin creating space for new ideas, new investment, and new opportunities that strengthen our civic core and help build a downtown that serves everyone. Foundations are uniquely positioned to make patient, long-term investments like this — investments that may not make sense on a traditional development timeline but can create lasting public value for generations.”
The acquisition is part of the Foundation’s mission-aligned investment portfolio and does not affect its grantmaking budget or existing philanthropic commitments. Rather, it reflects Prebys’ broader approach to using every available tool — including grants, partnerships, impact investments, and strategic real estate — to advance an inclusive, equitable, and dynamic future for San Diego.
The Foundation sees the acquisition as complementary to ongoing efforts to reimagine the Civic Center district as a center for arts, culture, housing, education, and civic life. Together with public, private, and nonprofit partners, Prebys believes thoughtful long-term investment can help restore vitality to one of San Diego’s most important civic spaces.
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About Prebys Foundation
Prebys Foundation is the largest independent private foundation in San Diego County, working to create an inclusive, equitable, and dynamic future for all San Diegans. The Foundation invests in arts and culture, medical research, health and well-being, and youth success, advancing shared opportunity and lasting impact across the region. Learn more at www.prebysfdn.org.
