A 400-room luxury InterContinental Hotel is planned for the southeast portion of the former Lane Field ballpark site in downtown San Diego, where construction is well underway to the north on a dual-branded Marriott hotel.

According to lease documents that were slated to be reviewed Nov. 17 by Unified Port of San Diego commissioners, the development team known as LPP Lane Field LLC is in final negotiations with InterContinental Hotels Group (IHG) to manage and brand the hotel as an InterContinental, the company’s signature high-end luxury brand.

A port staff report said the project, with a development cost of approximately $200 million, is planned for a site at Pacific Highway and Broadway, south of the location where a 400-room dual-brand hotel is currently under construction – a connected SpringHill Suites by Marriott and Residence Inn by Marriott. Construction on the InterContinental, the second phase of the Lane Field project, is expected to begin in early 2016.

The 66-year lease calls for developers to pay the port district an annual rent based on an escalating percentage of hotel revenue, with the annual payment projected to reach approximately $2.43 million by the 15th year of the lease.

The Lane Field development team includes Lankford & Associates, led by Rob Lankford, in partnership with Portman Holdings and Hensel Phelps Construction. The location is the former site of a minor league ballpark that once hosted games of a forerunner to today’s San Diego Padres.

U.K.-based IHG also owns, operates and franchises hotels worldwide under brands including Holiday Inn, Crowne Plaza and Staybridge Suites, with several properties in the San Diego market. The company previously operated an InterContinental next-door to San Diego Convention Center, which opened in 1984 but was later rebranded as Marriott Marquis.