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$3,990,000
Est. payment /mo
5,013 Sqft Lot
UPDATED:
12/13/2024 07:19 PM
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 240028345SD
HOA Y/N No
Lot Size 5,013 Sqft
Property Description
The subject property is a 5,013 square foot site located at 1620 Union Street in the heart of Little Italy. The property is currently improved as a surface parking lot. The current owner has a month-to-month lease agreement with LAZ parking (terms of the agreement can be found on page 11 of the Offering Memorandum). Designed by Jonathan Segal FAIA Design, the offering includes a Site Development Permit for an Air Rights Tower to construct a 24-story, 250-foot tall residential development, totaling approximately 109,546 SF and compromised of 73 residential dwelling units and 70 parking spaces within a fully-automated mechanical parking garage. At the time of approval, the project was improved with a historical, single family home, which was to be relocated to 2462-2648 Newton Avenue. The home was relocated in September 2023, thereby satisfying the condition and vesting the permit. The timeline for pulling a building permit is generally indefinite and the entitlements have no expiration date. Union Tower is located in the heart of Little Italy, an urban community collecting some of the highest rents in all of San Diego County. Little Italy’s resident base is predominantly comprised of affluent and educated residents. Little Italy is booming with award winning restaurants, trendy bars & nightlife, Italian inspired coffee and gelato shops, and more. With an impressive walk score of 99, many Downtown amenities are located within walking distance of the site, including Amici Park, the India Street commercial corridor, the Little Italy Trolley Station, and the Waterfront Park.
Location
State CA
County San Diego
Area 92101 - San Diego Downtown
Zoning CCPD-Res
Interior
Fireplace No
Exterior
Fence Partial
View Y/N Yes
View Ocean, Panoramic
Present Use Unimproved
Building
Lot Description Level
Others
Senior Community No
Tax ID 5333531100
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Listed by Eric Comer • Eric D. Comer, Broker
1st Class Real Estate Mavericks
Brokerage | License ID: 02245942
+1(760) 203-3373 | 1stclassmavericks@gmail.com