Aug 26, 2015
Bankers Hill is home to some of the most sought-after property in San Diego, and developers are banking on the area’s desirability and sweeping views with continued construction of luxury residential projects featuring high-end amenities and indoor-outdoor components.
“You can’t find better real estate in San Diego,” said DTZ investment broker Timothy Winslow about another site in the area that will likely be redeveloped into a residential tower. “It’s got it all.”
Developers and potential residents value the neighborhood’s proximity to Balboa Park and downtown, and the sweeping views from Coronado to the bay to Point Loma.
With the recent opening of Alliance Residential Co.’s Broadstone Balboa Park, interest is strong in Bankers Hill, also referred to as Park West. The Vue on Fifth by ColRich Communities is expected to come online in early 2016, while The Park by Zephyr and Icon Properties’ re-branded 41 West will follow.
And more projects will be coming.
Winslow recently listed a 0.65-acre parcel on the northern portion of the block bounded by Fifth and Sixth avenues and Olive Street, surplus property owned by a subsidiary of The Cathedral Church of St. Paul. A parking lot and apartment building are on the site, but it is already entitled for 65 high-end housing units in 15 stories and 900 square feet of retail space; an additional 81 residential units could be added through amendments. The church is asking for 14,000 square feet of office space, along with parking.
In early August, Winslow said there already had been “boatloads of interest” in the site and that it would continue to get attention. There is no set asking price; Winslow said the church property is worth “a lot.”
The increase in residential construction will likely also spur increased urbanization, bringing more and better restaurants and retail for the neighborhood, already known for the iconic Mister A’s, Croce’s Park West, Cucina Urbana and Bankers Hill Bar and Restaurant.
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