Jul 14, 2017
Following a long drought in condominium development, four high-end for-sale projects are underway or planned in downtown San Diego, which developers contend will help meet pent-up demand for very high-end condominium product.
During the last development cycle, lots of condos were built in downtown San Diego that ended up being rented when the economy took a dive in 2008. While the condo market is beginning to return, the comeback is more high-end than previously, with pricing starting at about $1M.
Local developer Zephyr is under construction on The Park, Bankers Hill, a 14-story, residential mixed-use project at 2850 Sixth Ave., which is scheduled for completion in Q4 2017. Zephyr Chief Operating Officer Chris Beucler said the project’s one-acre site, formerly occupied by a medical building, is directly across the street from Balboa Park. The project has 60 ultra-luxury condominiums, priced from $1.2M to $6M, and retail space on the ground level.
Beucler said this project has features unique in the San Diego market, including airy, outdoor terraces that average 468 SF with fireplaces that offer residents views of Balboa Park, San Diego Bay and the Cuyamaca Mountains.
Designed by Canadian architect Dialog, The Park’s exterior glass walls reflect the tree canopies of a park, as well as the panoramic view surrounding the project.
“The interior lobby resembles a hotel, but only has corridors to access 10 of the units. The other 50 units are accessed by a private elevator that opens directly into the unit,” Beucler said, adding the secure, limited-access system provides condo owners exclusive use and control of an elevator.
Residences are spacious, ranging from 1,500 SF to 4,905 SF in the four penthouses, Beucler said. High-end finishes include recessed designer lighting, Du Chateau wood flooring, gourmet kitchens with solid quartz countertops, designer cabinets from Boffi, Kohler sinks with Grohe fixtures and Miele appliances. Master baths have marble walls, Baffi cabinets with quartz countertops, and frameless showers and large soaking tubs, with Grohe Allure polished chrome fixtures. Additionally, units are home automation ready, have zoned air conditioning and an interior laundry room with sink.
In June 2015, Zephyr opened a sales office at 3104 Fourth Ave., where visitors can view a scale model of the project and take virtual tours of select units.
Zephyr also designed and entitled a mixed-use project, with 498 for-sale condominium units in two towers, one 41 stories and the other 21 stories. The project will occupy a full city block in the heart of downtown on Broadway, between Seventh and Eighth streets, and has adjacent retail. Zephyr sold it to Canadian developer Bosa Development for an undisclosed price.
“It was an offer we couldn’t refuse,” Buecler said.
Bosa also is nearing completion on Pacific Gate, a mixed-used residential project, with 215 two- and three-bedroom for-sale units in a 41-story tower — the tallest building in downtown. Units are priced at $1.4M and up, and the building has 16K SF of retail. The location on Broadway at Pacific on the edge of East Village is a short walk from the Gaslamp Quarter and Little Italy and overlooks the North Embarcadero and San Diego Bay.
Designed by New York-based Kohn Pedersen Fox in collaboration with Chris Dikeakos Architects, the building’s contemporary design mimics the fluid forms of the shoreline and its glass exterior reflects its surroundings. Award-winning LA-based designer Hirsch Bedner Associates, known for its work with hotel groups around the world, is leading Pacific Gate’s interior design. Residences feature expansive windows that offer views of the waterfront and downtown skyline, and each unit has a unique, custom design, with high-end finishes and appliances.
Bosa President Nate Bosa said this project will introduce “super prime living” to downtown San Diego, providing residents a five-star hotel experience.
“Our chef and concierge services can arrange private dinners and help residents experience the best the city has to offer,” he said. “We will have a 24-hour attended lobby and porter services to greet and help residents as they depart and arrive.”
Additionally, the project will provide a luxury car fleet residents can borrow to accommodate residents who opt not to own a car, as well as a boat-share program.
ICON Properties, the San Diego-based affiliate of Vancouver, Canada-based developer Regent International, is under construction on a luxury, 41-unit condominium project at 2900 Sixth Ave. in the Bankers Hill neighborhood, also just steps from Balboa Park.
Designed by locally based Awbrey Cook Rogers McGill Architects, 41 West is a striking mix of contemporary architecture and stylish interiors inspired by the project’s park setting. This boutique project offers residences with living areas that feature 10-foot-tall ceilings, open floor plans and floor-to-ceiling window walls that flood interiors with natural light and provide 360-degree views. Disappearing NanaWall glass doors lead to private terraces that provide views of the park, San Diego Bay and the downtown skyline.
Kitchens feature a large island with built-in breakfast bar with a USB connection, quartz countertops with waterfall edge and marble backsplash, Italian-made Armony Cucine flat-panel cabinetry with silent soft-close doors and drawers, lighted spice racks and under cabinet task lighting, stainless steel under-mount sink with Kohler fixtures and tandem trash/recycle drawer. Bathrooms have porcelain tile floors, Armony Cucine cabinets, Kohler fixtures and quartz countertops in master baths and travertine or marble countertops in other bath or powder rooms.
The lobby has a 24-foot-high ceiling, with custom chandelier and rich mahogany and marble details and features a fireside lounge. Amenities include a professional fitness studio with towel and water service, and a resident lounge with a full-swing golf simulator endorsed by Jordan Spieth, large TV screens and a theater system and a wet bar.
The building also provides keyless entry with 24-hour video monitoring and a front desk attendant, Mitsubishi elevators, resident storage areas and underground parking with EV charging stations and bike storage.
Learn more about residential projects rising throughout the San Diego region at the Bisnow San Diego Construction & Development Forum on June 29.
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