Search
 

Intergulf Plans Major Condo Development

SAN DIEGO-The Canadian firm buys a 55,000-sf parcel and plans to raze the site and build condos. On tap is a high-rise, 500-unit development that will include ground-level retail.

By Daniel D. Williams | Updated on March 08, 2005

SAN DIEGO-Canadian firm, Intergulf Development Corp., which already has numerous condo projects either completed or in the pipeline in San Diego County, has set forth plans for its next major development, Cityscape. The Vancouver-based company has acquired three parcels at the Downtown block of Broadway, 16th Street, C Street and 17th Street and will raze the existing properties, building a 500-unit, high-rise condo development in their place. The project will include ground level retail. Financial details have not been released yet on the project.Intergulf paid $14.9 million for the properties, with Victor Krebs of Colliers International representing the company in all three transactions. SGKS Properties LP sold the 30,000-sf parcel at 1600 Broadway for $8.4 million, with Ron Bement of CB Richard Ellis representing SGKS in the deal. The Laframboise Family Trust sold the 15,000-sf parcel at 1030 17th Street for $3.7 million, with Krebs representing the seller as well.Singing Serpent Inc. sold a 10,000-sf parcel at 1635 C Street for $2.8 million with Matt Hoyt of ACI Commercial, representing the seller.According to Krebs, the city blocks are 60,000 sf Downtown, and, on the remaining 5,000 sf of the block sits a four-story apartment building that was not acquired. Krebs tells Globest.com that it didn’t make sense from a dollar perspective to go in and raze an existing residential property to make another in its place.Krebs says the new project will include smaller, more affordably priced units. “They haven’t announced where the pricing points will be at this time, but the units will fall more in the 800-sf to 1,200-sf range,” says Krebs, who added the units will probably average 1,000 sf. Krebs says that the units will feature views in all four directions, but adds that not all the details about the individual units have been released at this time.

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.