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9/09/19
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Liberty National Corporation acquired 0.69 acres (30k sf) of land prominently located at the intersection of Park Blvd and Broadway in downtown San Diego’s East Village. The land was sold by the Salvation Army.
The site is part of a larger assemblage of properties totaling 1.38 acres (60.2k sf) in one full block that Liberty previously acquired and plans to redevelop into a new Class A mixed-use project totaling 640 residential units plus commercial space. Consisting of a single tower and two podium buildings, the project site is bounded by Park Blvd, 13th St, Broadway, and C St.
“The site is a strategic acquisition given our interests in the area and its location at the juncture of two major entries into the downtown core on the high activity Broadway and Park Boulevard corridors,” said Randy Williams, Vice President with Liberty National. “There remains a housing shortage in San Diego, and we think as this sought after region continues to grow and attract talent that this new project will appeal to a wide range of residents while offering a special living opportunity that is very close to businesses, amenities and the many great coastal and family attractions San Diego has to offer.”
Liberty’s new mixed-use project at Park and Broadway will include a 40-story, 400-foot tall high-rise residential tower with two mid-rise buildings of six and seven stories collectively comprising approximately 640 apartment units. The residential component will include 553 one-bedroom units, 86 two-bedroom units, and one three-bedroom unit. There will also be 16.5k sf of new multi-tenant commercial/retail space spread across the ground floors of the three buildings. The two podium buildings will be constructed during Phase 1 and the tower during Phase 2 of the development.
The project will include 634 individual parking spaces plus 60 tandem spaces situated in five levels of subterranean levels and seven above-grade levels. There will also be designated motorcycle and bicycle parking areas. The project will also feature nearly 40k sf of common outdoor open space—more than three times the city’s required amount, residential storage areas, plus open pet space for residents.
A Cushman & Wakefield sales team including Tim Winslow, Jason Kimmel and Kevin Nolen handled the transaction. According to Winslow, there is much more happening in the East Village area at this time, including other potential properties being targeted by developers. In addition, Navarra Properties’ new SuperBlock @ I.D.E.A. District redevelopment at 14th and F Street, one block from Broadway, will deliver up to 1 msf of new Class A creative office space.
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