SAN DIEGO—San Diego-based real estate development and investment company Zephyr has sold The Block, a 60,000-square-foot mixed-use site on Broadway between 7th and 8th Avenues to Vancouver-based Bosa Development.

The property – one of the last remaining full blocks of available property downtown – was acquired by

Zephyr in June 2014. The firm obtained approvals to transform it into a mixed-use development to include a 498-unit, 41-floor and 21-floor tower housing residential and retail space. Zoning of the site allows for development up to 720,000 square feet.

"We developed a plan for the site, designed the buildings and successfully obtained entitlement," said Zephyr's co-CEO Brad Termini. "Because of Nat Bosa's significant interest in the downtown Broadway corridor and his key role in the renaissance of downtown San Diego, we believe he is the ideal person to continue the project and make our dream a reality. Being at the forefront of development of San Diego's downtown neighborhoods, he has the vision, resources and ingenuity to successfully build, market and sell this choice piece of property."

Currently, the property consists of deteriorated 1950s-era retail, parking and office space. Under Bosa's direction, Termini said, it will be demolished to make way for a dynamic mixed-use retail and residential community – carefully designed by Zephyr to help extend downtown's core and revitalize the land between the Gaslamp Quarter and Financial District.

Joseph Wong, FAIA of Joseph Wong Design Associates, is the lead architect for The Block. Termini estimates the cost to complete the project will exceed $250 million, making it one of the largest currently planned for the downtown core.

Founded in 2008, Zephyr is a San Diego-based real estate development and investment company focused on building high-quality attached and detached homes, condominiums and luxury apartments. The company, co-founded by Termini and Dane Chapin, has successfully completed and sold developments throughout San Diego County. Currently, Zephyr manages projects in San Diego, Orange and Riverside counties.

The Zephyr leadership team holds unrivaled experience in residential, commercial and industrial development. Over the last six years, the team has completed over $750 million worth of residential developments.