(To read more on the multifamily market, click here.)
SAN DIEGO-The bulls continue to run for Downtown residential projects. While recent studies reveal a softness in the local housing market, major projects are moving forward in the area.Beverly Hills-based 3D Investments has its eye on an existing site at Sixth Avenue and Palm Street Downtown. On tap is a 13-story, 230,000-sf mixed-use development. The project will total 90 residential units, three levels of underground parking and a total of 220 parking spaces.Recently, KMA Architecture & Engineering completed concept and feasibility studies on the site. According to KMA officials, the project will include "luxury for-sale residential units with bay and park views" on Sixth Avenue. KMA's project team for the development include Kevin Burke, B. Moon Hajjar, Claudia Juarez, Adam Mayberry and Robb Walker.Also set for development is a four-story building along Fifth Avenue. This second building will include ground-floor retail space and loft-style residential units. Cornerstone Property Management of San Diego, which manages the existing buildings, will manage the redevelopment of the site.KMA has been among the leading designers of Downtown's residential makeover. Last summer, the firm began work on a 39-story, 200-unit project being developed by Centex Homes.The site, located at 15th and Island, was originally two industrial warehouses. The plan is to raze one of the buildings, putting the residential tower in its place, while repositioning the other building into a 6,000-sf retail site.
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