Bosa Development Applied For a Permit at 1st and Island
Bosa Development applied for a new permit for the much anticipated lot located between First, Second, Island and J Street. This is, arguably, Bosa’s most valuable parcel of land, as it is located in the Marina District, will offer panoramic views, and provides great access to the San Diego Bay and Convention Center. Unfortunately, the permit was submitted as apartments versus condominiums (for sale). I will cover my thoughts on this further down.
The initial permit application is to build a 211 unit apartment building. If approved with its current design, it will have 35 floors and sit 410 feet tall. From the renderings on the city’s permitting site, it appears the building is expected to sit on the northwest corner of the lot, which likely means the pool will be on the southern side of the building. If this holds true, that would be the ideal placement of the building amenities, offering great sunlight for the pool deck.
Details*:
- Location – 1 full block bounded by First, Second, Island and J Street
- 211 Apartments
- 35 Stories
- 410 Feet Tall
- Neighborhood – Marina District
*these are the current plans according to the permit application and are subject to change.
My Predictions (or Hopes) For The Project:
Downtown San Diego has only had 2 new large scale condominium projects since 2010. These projects, Pacific Gate and Savina, were both constructed by Bosa Development and added 501 new residences to Downtown. These new homes were exclusively added to Columbia District. We desperately need more condos and this lot is the perfect location for an upscale condominium project. I am predicting this will eventually convert over to condos prior to construction commencing. Am I confident or just overly hopeful?
Pacific Gate included 216 residences, while Savina had 285. This new building is expected to only have 211 apartments. Apartment buildings tend to be a much higher density. If we look at recent or planned projects, especially ones that occupy full blocks, we notice a common trend with apartment buildings. More apartments means more rent. Diega by Bosa, which is 400 feet tall, has 617 units and is the 3rd largest apartment complex in Downtown San Diego. 8th & B (name not released yet), by Bosa, is currently under constrction and has 473 apartment units planned. The Lindley, by Toll Brothers, occupies half of a block and has 362 apartments. West, by Holland Partner Group, is currently under construction and is expected to have 431 apartments and about 290,000 sq ft of office and retail space. Radian, by Cisterra Development, sits on about 1/3rd of the block and at 22 stories, has 241 apartments plus a Target. Simone Little Italy, which was recently completed, is 36 stories and 395 apartment units. Higher density apartment buildings make projects more feasible.
So why would this block, in such an amazing location, only include 211 apartment units? The numbers do not add up. My only thought is that Bosa Development plans on building condos. I’ve included a list below that has the approximate number of listings in each of Bosa’s condo communities in San Diego.
- Horizons – 211
- Discovery – 199
- Park Place – 178
- The Grande South – 221
- The Grande North – 221
- Electra – 248
- The Legend – 178
- Bayside – 232
- Pacific Gate – 216
- Savina – 285
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Give me a call today at (619) 228-6790 or email me at Ryan@livingthesandiegolife.com for more information or to schedule a tour of the neighborhood!
