Catellus Development Corp. announced it has completed the second of two parcel sales at Santa Fe Place—adjacent to the historic train station— to Bosa Development for $13.1 million. Bosa Development, which acquired the first parcel from Catellus in May, plans to develop a second 39-story, 220-unit luxury condominium project on the adjacent 80,000 sf site.
Combined, the two towers total at least $255 million in land and construction costs.
Catellus has been an active player in San Diego's CBD. The Centre City Development Corp., San Diego's Downtown redevelopment planning authority, in May approved design plans for One Santa Fe Place, a 27-story office tower planned by Catellus Urban Development Group. Catellus hopes to build the 458,000-sf building over the next three years on the north side of Broadway at Pacific Highway near the historic Santa Fe Depot.
Catellus also is weighing the merits of building a smaller 20-story, 370,000-sf tower on the south side of Broadway, either a hotel or office. Bosa Development plans to build two 39-story condominium towers on Pacific Highway, dramatically altering the city's skyline over the next 10 years.
Catellus officials don't have any tenants for the towers, which are not scheduled to break ground until early next year. They wouldn't be completed until 2004.
San Francisco-based Catellus sold land to British Columbia-based Bosa Development last spring for the first tower of the long-awaited Santa Fe Place.
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