A rendering of “The Point” mixed use project planned for the old Pt. Loma/Midway Post Office complex.

A 16-acre former post office distribution center in the Midway district was purchased for $40 million with plans for a mixed-use project, the developer announced Wednesday.

A new $325 million urban community, tentatively called “The Point,” is planned for the site, which is a short walk from the burgeoning Liberty Station neighborhood.

The buyer of the property is a joint venture whose managing member is an affiliate of San Diego-based real estate developer Hammer Ventures. The seller was Rexford Industrial Realty.

An urban master plan is being developed for the site, which is at one of the gateways to the greater Point Loma area.

Hammer Ventures was founded in 2000 and has developed property worth over of $1.5 billion.

Chris Jennewein is Editor & Publisher of Times of San Diego.