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Banker's Hill Office Site to House Condos

SAN DIEGO-Lennar Homes of California and Intergulf Development have acquired a Banker's Hill parcel that currently houses two one-story office facilities. The buyers have purchased the property with plans to develop a 14-story condo project on the site.

By Erin Cassin | Updated on August 13, 2003

SAN DIEGO-With residential development still going strong in San Diego, Lennar Homes of California and Intergulf Development are planning a condo project in the Banker’s Hill area of San Diego.

The pair has shelled out $2.5 million for a parcel here, which currently houses two one-story office facilities that stand at 3054 Fifth Ave. and 3061 Fourth Ave. Lennar and Intergulf plan to develop a 95-unit, 14-story luxury condo project on the site, which encompasses a total of 20,000 sf. The new building, which has been designed by architectural firm John Perkins & Co., is slated to rise at the southwest corner of Fifth Avenue and Redwood Street. Construction on the project is expected to begin sometime this autumn.

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