A long-term ground lease has been signed for development of a $60 million, 168-unit apartment building in downtown’s Marina District.
The six-story apartment building will replace the closed Cost Plus World Market at 4th Avenue and J Street. The design calls for primarily micro studios — a new trend in San Diego — along with more traditional one- and two-bedroom apartments.
The developer, Bay Area-based Legacy Partners, said the project will also feature fitness centers, a resident clubhouse, a swimming pool and spa, a dog park, and multiple fire pits and barbecues, as well as 1,300 square feet of ground-floor retail space.
Cushman & Wakefield, which represented the land owners, said the ground lease is one of the few signed between private parties in the downtown area in decades.
“This is one the last under-developed parcels in the Marina Planned District, offering an A+ coastal location set within walking distance to several of San Diego’s marquee amenities,” said Cushman & Wakefield’s Tim Winslow.
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