Dec 10, 2015
San Diego-based real estate development and investment company Zephyr has sold The Block, a 60,000-square-foot site that is one of San Diego’s last remaining full blocks of downtown property.
Zephyr sold the property on Broadway between 7th and 8th streets to Vancouver, British Columbia-based Bosa Development, a developer of urban projects throughout the western United States.
Zephyr acquired the property in June 2014, and obtained approvals to transform it into a mixed-use development to include a 498-unit, 41-floor and 21-floor tower housing residential and retail space. Zoning of the site allows for development up to 720,000 square feet.
According to Zephyr’s Co-CEO Brad Termini, the disposition is the result of an ongoing relationship with Bosa. “We developed a plan for the site, designed the buildings and successfully obtained entitlement,” he says. “Because of Nat Bosa’s significant interest in the downtown Broadway corridor and his key role in the renaissance of downtown San Diego, we believe he is the ideal person to continue the project and make our dream a reality. Being at the forefront of development of San Diego’s downtown neighborhoods, he has the vision, resources and ingenuity to successfully build, market and sell this choice piece of property.”
Currently, the property consists of rundown, 1950s-era retail, parking and office space. Under Bosa’s direction, Termini said, it will be demolished to make way for a dynamic mixed-use retail and residential community – carefully designed by Zephyr to help extend downtown’s core and revitalize the land between the Gaslamp Quarter and Financial District.
Joseph Wong, FAIA of Joseph Wong Design Associates, is the lead architect for The Block. Termini estimates the cost to complete the project will exceed $250 million, making it one of the largest currently planned for the downtown core.
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