San Diego-based housing developer Liberty National Corp. has completed the assembly of a full block of land in the East Village with plans for a 40-story apartment tower
Cushman & Wakefield, a commercial real estate broker, announced Thursday the sale of the final parcel, 0.69 acres at the intersection of Park Boulevard and Broadway that was owned by the Salvation Army. The full block is bounded on the east by 13 Street and the north by C Street.
Plans call for 640 residential units plus 16,485 feet of commercial space in a 400-foot tower and two mid-rise buildings of six and seven stories.
“The site is a strategic acquisition given our interests in the area and its location at the juncture of two major entries into the downtown core on the high-activity Broadway and Park Boulevard corridors,” said Randy Williams, vice president of Liberty National.
“There remains a housing shortage in San Diego, and we think as this sought-after region continues to grow and attract talent that this new project will appeal to a wide range of residents while offering a special living opportunity that is very close to businesses, amenities and the many great coastal and family attractions San Diego has to offer,” Williams added.
The residential component will include 553 one-bedroom units, 86 two-bedroom units, and one 3-bedroom unit. Plans call for construction in two phases, with the tower in the second phase.
“San Diego’s East Village has been viewed as the last major development opportunity for downtown. We have seen some of the most astute developers, including Liberty National, getting a strong foothold into the neighborhood,” said Tim Winslow of Cushman & Wakefield.
He said the East Village location is particularly desirable now because of expansion of the nearby trolley system.