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12/11/15
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Vancouver, Canada-based Bosa Development has purchased The Block, one of the last remaining full blocks of available property in downtown San Diego, from Zephyr. The Block is a 60k sf, mixed-use site on Broadway between 7th and 8th Avenues.
Zephyr acquired the property in June 2014, and obtained approvals to transform it into a mixed-use development to include 498 res units and retail space in 41-floor and 21-floor towers. Zoning of the site allows for development up to 720k sf.
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 said. “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 mil, making it one of the largest developments currently planned for the downtown core.
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