Watt, a developer with a commercial portfolio exceeding eight million sf, has received the nod from San Diego's Centre City Development Corp. for its 389-unit, 18-story twin tower near the Little Italy area and Downtown. The $75-million luxury development covers an entire city block.
Watt plans to break ground on the project designed by local architect RTKL in May, with completion planned for year-end 2002. The 1.4-acre site is bounded by Columbia, State, Beech and Ash streets.
"This location has all the elements that make a great urban project, an active business district, close to public transportation and easy walking distance to shops, restaurants and entertainment," says Jonathan Genton, VP of development for Watt. "There is a continuing shift back to urban centers, where people can enjoy a 'live, work, play' lifestyle. That's what we're helping to bring to downtown San Diego."
The high-rise rental will create a new signature landmark for the Downtown area, Genton says."There aren't many opportunities to bring multifamily housing on this scale to Downtown as there are only two or three full city blocks that can be developed," he adds.Watt's partner in the project is Fidelity Management Trust Co. on behalf of an institutional account managed by it. San Diego-based Highland Partnership will be the general contractor.
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