A San Diego-based residential developer has acquired property in Cortez Hill with plans to redevelop the site into a residential tower.
Liberty National Corporation completed the purchase last month. The parcels, covering almost a half block, are along the northwest corner of 3rd Avenue and Beech Street.
The firm sought the property, officials said in a news release, due to its access to many top attractions, including Balboa Park, Little Italy and San Diego Bay.
“This property was appealing for many reasons, including easy access to downtown amenities and a significant opportunity for revitalization and additional housing,” Mark Schmidt, founder of Liberty National, said.
The 22,484-square-foot property, at 1520 and 1532 3rd Ave., also is across the street from the historic St. Joseph Cathedral, founded in 1874.
The developer plans to build a high-rise, multi-family community, including a selection of affordable homes.
Liberty National specializes in site acquisition, entitlements, design and development. The company, which chooses to retain many of the assets in its portfolio after construction, currently has properties in planning and development in multiple states. Other local sites include projects in East Village and Little Italy.
