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Silvergate Buys Parking Lot, Plans 40-Unit Condo Development

EL CAJON, CA-Silvergate Financial Inc. takes a Downtown parking lot in a $2-million deal. The company is undergoing the entitlement process with the El Cajon City Council to iron out details on a work/live condo project.

By Daniel D. Williams | Updated on May 01, 2005

EL CAJON, CA-Silvergate Financial Inc. has acquired a parking lot Downtown for $2 million and has plans for a mixed-use project. In the deal, Burnham Real Estate Oncor International’s Kyle Clark represented both the buyer and the seller, David A. Blackburn Trust. The parking lot is just over one acre and located at S. Sunshine Avenue. The idea of a mixed-use project had been planned by another developer, but had stalled in the entitlement process with the city council as there was contention on making sure the live/work spaces would always remain as office. Now Silvergate has taken over with pushing the project through. Clark tells Globest.com that many of the final specs on the project are undefined as they work their way through the final entitlement, but does go into detail on what the former developer had in mind for the site. “It’s unclear about how many units will go up, but originally, it was submitted as a 40-unit condo project with live/work units,” Clark says. He adds that the project will most likely have from 30 to 40 units, with mixed-use office space and the building will have either two or three stories, depending on the final design. One other high-density project in the area has already been completed and sold out. It was a 20-plus-unit project, according to Clark. He says for the new project, the condos should sell in the $300,000 to $350,000 range with a mix of one- and two-bedroom units.The site is in a specially designated development district that’s administered by the El Cajon CDCC. “It’s a special use district with explosive growth on the commercial side, most notably with the restaurants,” Clark says. “In the next phase, it’s looking more toward residential development, with more projects being planned.”

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