A 23-acre property at the east side of Mission Valley that is zoned for almost 1,000 new homes was acquired by a Beverly Hills-based developer for a multifamily housing project, those involved in the sale announced Monday.
The site at 6910 Mission Gorge Road near the Admiral Baker Golf Course was acquired by GH Palmer Associates, a company that specializes in developing multifamily apartment communities.
The property, currently used by light industrial businesses, is entitled for 996 new residential units as well as 37,500 square feet of commercial, office and retail space, and 5 acres of neighborhood parks.
“We’ve long awaited the right opportunity to develop in San Diego,” said Steven G. Fink, chief investment officer at GH Palmer. “State of the art amenities with easy access to major hubs of employment, transportation and education, as well as close proximity to shopping and world-class recreation, will make this new project a welcome addition to the Mission Valley community.”
He added that the development firm “will continue to seek opportunities to expand throughout San Diego.”
Cushman & Wakefield’s Kevin Nolen said the entitlements date to 2012, but it took until now to secure necessary permits and make key infrastructure investments.
“With entitlements fully in place, this property offered an exceptional opportunity for the developer to have the ability to save time,” said Nolen. “The property will continue to transform the Mission Gorge area and improve the San Diego River with parks and trails for the general public.”
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