SAN DIEGO-Alliance Residential of Phoenix has acquired a 1.3-acre development site in the Little Italy district that formerly was slated for a high-rise condo project that failed to get construction financing. Alliance plans to build 201 apartment units throughout five stories atop three levels of parking on the site, where the developer also plans to incorporate six brownstone-style units along the residential street frontage on Fir Street. Construction is scheduled to commence later this year.

The site that Alliance bought was originally entitled for a 247-unit high-rise condominium development, but the seller was unable to break ground due to lack of financing. Alliance is capitalizing on the existing zoning, which allows for a high-density, mixed-use residential development, by building a luxury apartment community with 9,000 square feet of ground-floor retail space, branded under the Broadstone name.

Michael Yanicelli, managing director of development for Alliance, notes that the company expanded its Southern California presence by opening a development and construction office in San Diego in November. "We are excited to have re-entitled and acquired a development site in one of San Diego’s premier neighborhoods," he says.