Western Pacific Housing To Build 224 Condos in North Park

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.