A San Diego real estate development and investment company announced Wednesday that it has purchased a 60,000-square-foot downtown parcel for $21.1 million and is planning to build two high-rise buildings.

The lot on Broadway between Seventh and Eighth avenues was purchased by Zephyr Partners, which plans to build two towers that will include residential and retail space, along with a boutique hotel. The neighborhood is zoned for high-rises of up to 40 stories, according to the company.

The current 1950s-era structures on the site, which house retail outlets and office space, will be demolished, according to Zephyr Partners.

“The site spans a full city block, and is one of the few remaining underdeveloped areas in downtown’s core,” said Brad Termini, Zephyr’s co-CEO. “After studying the layout of other major urban areas such as Los Angeles, San Francisco and Seattle, we think this project will accelerate the transformation of downtown San Diego, as it continues to evolve into a more walkable and accessible neighborhood.”

Groundbreaking for the $250 million project is scheduled for late next year. It will be downtown’s first high-rise construction since the recession, according to Zephyr, which is currently building a 60-unit condominium complex on Sixth Avenue in Banker’s Hill.

— City News Service

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