Crews are set to break ground this month on a $74.4 million project that will bring 190 new housing units to North Park and University Heights.
The seven-story mid-rise building is expected to take two years to complete.
“We are thrilled to bring our distinct brand of apartments to one of the best submarkets on the West Coast,” said Will Murphy, managing partner and CEO of CEDARst, the developer. “We believe our high-quality and fairly priced apartments will be a fantastic new option for residents of these historic neighborhoods.”
Plans for 4135 Park Blvd. include a café, fitness center, lounge, game room and exterior deck with a pool, hot tub, cabanas and communal kitchen.
The new development is one of several CEDARst properties under contract in the region.
“We’re excited to work in such a dynamic community and look forward to expanding our footprint here in San Diego in the months and years ahead,” Murphy said.
Bridge Investment Group is an equity partner in the 205,000 square-foot project. BMO Harris Bank is the project lender. Construction will be managed by general contractor Suffolk Construction, and the project’s architect is Studio E.
“We are pleased to continue our partnership with CEDARst in a market like San Diego,” said David Coelho, Chief Investment Officer of Bridge Investment Group’s Opportunity Zone Funds. “The project fits well within Bridge’s mandate to focus on multi-family, transit-oriented developments as an avenue to revitalize underserved communities by investing in building sustainable neighborhoods.”
Opportunity zone projects, according to the IRS, offer tax incentives for spurring economic development and job creation in low-income communities and neighboring areas.
Nationally, CEDARst has a growing portfolio of residential projects, spanning seven states with a unit count of more than 5,000.