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Alliance Plans 201 Apartments at Former Condo Site

SAN DIEGO-The Phoenix-based developer buys a site in the Little Italy district that formerly was slated for a high-rise condo project that failed to get construction financing.

By Bob Howard | Updated on May 26, 2011

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.

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