INFILL TRANSIT-ORIENTED DEVELOPMENT SITE – The property benefits from easy freeway access, central location to major employment centers, proximity to San Diego’s finest beaches and world-class amenities.
PREMIER RESIDENTIAL COMMUNITY – With a walk score of 94 (walker’s paradise), the location offers future residents the walkability of the vibrant North Park/Hillcrest neighborhoods. Residents will benefit from being a short walk to an array of local restaurants, grocery, coffee shops, entertainment, shopping and nearby parks.
EPICENTER OF EMPLOYMENT OPPORTUNITIES – The central location offers convenient access to every major employment hub in San Diego County. Downtown, with its firmly established companies and new tech start-ups, is due south. Mission Valley, which is comprised of over 7M square feet of office space is less than three miles to the north. University Towne Center (UTC / Sorrento Valley), home to San Diego’s medical and biotech industries to the northwest.
BY-RIGHT DEVELOPMENT – the alley/public right-of-way between the two subject parcels was unanimously approved by city council on February 28th, 2023 to be vacated/closed creating two contiguous parcels. In addition, Historical clearance has been received on subject properties, neither are eligible for designation under HRB Criteria and no further review by Plan-Historic Staff is required.
EXCEPTIONAL DEMOGRAPHICS – Approximately 254,000 residents live within a 3-mile radius with an average household income exceeding $103,000. Additionally, approximately 50% of the population in a 3-mile radius is under the age of 35 indicating the desire for young professionals to live in the area.
EXTREMELY LOW VACANCY RATE – With approximately 124,000 housing units within a 3-mile radius, the immediate trade area boasts a 3% vacancy rate in a 1-mile radius and 5% in a 3-mile radius.
SUPPLY CONSTRAINED MARKET – San Diego is bound by Camp Pendleton to the North, the US / Mexico border to the South, the Pacific Ocean to the West, and the Laguna Mountains to the East. With a population increase of 35,000 per year, San Diego cannot keep pace with the demand for multifamily units.
Blake Tagmyer
Cushman & Wakefield
