Centex Plans 39-Story Condo Project

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SAN DIEGO-Centex Homes has become one of the more versatile and diverse of the major homebuilder as evidenced by its latest multifamily play. Centex has acquired 33,000 sf of industrial space in the Downtown area and will build a 39-story, 200-unit condo project on the site. While not all the specifics were available on the project, it’s estimated the project will count roughly 200,000 sf and project costs could be in the ballpark of $50 million.In the deal, Centex acquired the fully entitled site from 15th and Island LLC for $6 million. Victor Krebs of Colliers International brokered the deal. Krebs tells Globest.com that on the site now are two industrial warehouses. “One is a turn of the century warehouse that has an Italian architectural style. The other warehouse was developed in the 50s.” Krebs adds that Centex plans to raze the 50s warehouse while integrating the other warehouse into the project and developing it into 6,000 sf of ground-floor retail. “It will be adjacent to the condo property, with access to it,” Krebs says.Numbers are not yet available on the property’s breakdown of how many one-, two- and three-units condos will be included, but prices are expected to begin in the $300,000s. The site will include subterranean parking. The project architect is KMA Architecture. For Centex Homes, the new high-density housing is not its first in the Downtown area. In 2003, the homebuilder acquired a 10,000-sf Downtown parcel at the corner of Market Street and 15th Street, where it’s developing Element, an 8-story, 65-unit condominium that is currently under construction.