Search
 

Western Pacific Housing To Build 224 Condos in North Park

SAN DIEGO, CA-The residential builder acquires a 2.1-acre site in North Park for nearly $3.9 million, with plans to build a condominium and retail project here. Aside from 224 condo units, the development will also include 15,800 sf of retail space and two floors of underground parking.

By Erin Cassin | Updated on September 22, 2004

SAN DIEGO, CA-Residential builder Western Pacific Housing, which is part of DR Horton Inc.’s family of companies, has acquired a 2.1-acre parcel in North Park and plans to construct a mixed-use development here.Located at 3959 30th St., the recently purchased North Park parcel is the former site of a Rite Aid drugstore, according to Victor Krebs of Colliers International, who brokered the sale. The seller, New York-based Van Dorn Realty, decided to divest of the asset because “the underlying real estate as a development site had outpaced the value of it as a leased investment,” Krebs tells GlobeSt.com. The buyer has paid nearly $3.9 million for the property.Western Pacific Housing plans to begin demolition of the site’s existing building in 60 days. The new project will stand five stories high and will include two underground levels of parking; 15,800 sf of ground-floor retail space; and 224 condo units. Of the 224 residential units, “45 of them will be affordably priced and the remainder will be market rate,” Krebs says. “North Park is experiencing a real strong renaissance right now, with buildings being restored and new homes being built here,” Krebs tells GlobeSt.com. Western Pacific Housing’s new development “will be the largest residential project to be built in this area in probably 40 years, so it’s a really significant component in the redevelopment and revitalization of the core of North Park,” Krebs concludes.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.