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Intracorp Snaps Up Ballpark Parcel for New Condo Project

SAN DIEGO-Seller JMI Realty nets nearly $8.6 million from the sale of the 42,841-sf parcel to Intracorp entity ISD Property Investments. The buyer plans to build a 187-unit condominium project on the site, which is bounded by Tenth and Eleventh avenues, Park Boulevard and K Street in the Ballpark District of Downtown San Diego.

By Erin Cassin | Updated on June 02, 2004

SAN DIEGO-Canadian developer Intracorp has snapped up a 42,841-sf parcel in the Ballpark District, with plans to build another condominium project in Downtown San Diego. The Intracorp entity ISD Property Investments has shelled out nearly $8.6 million for the site, which is bounded by Tenth and Eleventh avenues, Park Boulevard and K Street.A 186-unit condominium complex with 20,000 sf of retail space is currently in the works for the site, which Intracorp has purchased from JMI Realty. Construction on the project is slated to begin in the fall of 2004, with completion expected to occur in the first half of 2006. The development will also include 20,000 sf of retail, says Bill Shrader of Burnham Real Estate ONCOR International, who acted on behalf of Intracorp in its recent land acquisition. Seller JMI Realty represented itself. Shrader says the retail space is an important component because “with all the different residential units that are coming online, there’s a tremendous amount of need and demand for retailers to provide neighborhood services.”The proposed complex marks the latest in a string of condominium properties that Intracorp has developed downtown. “Intracorp has completed eight condo projects in Downtown San Diego, so they are one of the big players for high-rise condominiums here,” Shrader notes. Condo product continues to be in high demand in Downtown San Diego, as Shrader points out. “There’s a voracious demand for people who want to buy and live in Downtown San Diego because of all the amenities it has to offer,” he says, citing the area’s advantageous location in close proximity to San Diego Bay, Horton Plaza, Seaport Village and Petco Park.

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