There’s going to be a new apartment complex that’s going to be built in the East Village starting next month. JMI, Petco Park developers, is partnering with Lennar Homes to develop a 720-unit complex that will have a 400 foot tall 37-story tower with three 6-story buildings. This is going to be a massive project! All in all, it will cost around $250 million to develop.
Apparently JMI is going to be selling this project to Greystar but JMI will still be responsible for building the parking garage and infrastructure. Greystar is based in South Caroline and is one of the largest apartment operators in the Nation.
The site will sit on 3.5 acres just east of Petco Park in Downtown San Diego; which is now a parking lot. There will be 55,000 square feet of retail space on the ground level. Parking shouldn’t be a problem as there will be 1214 parking spaces available.
The original plans were for 98 units less but the new design that was approved this week got the approval for the expansion of units. There will be studios, 1 bedroom, 2 bedroom, nine 3 bedroom and 4 live work properties.
So if you are looking for a downtown San Diego Rental, this property will be available late 2017 and completed in 2018.