LA Developer Enters SD Market With $45M Mixed-Used Project
A JV of LA-based CityView and locally based CityMark Development will soon break ground on AV8, a six-story, 129-unit mixed-use project with 7,600 SF of retail, in Downtown San Diego’s Little Italy neighborhood.
CityView is providing $15M in equity capital for the $45M project. CityView CEO Sean Burton tells Bisnow the project is entitled and will get underway as soon as construction financing has been secured.
CityView has already acquired the 30k SF building site at 2101-2175 Kettner Blvd, between Ivy and Hawthorne streets, which is centrally located in Little Italy, Downtown’s most popular and vibrant neighborhood.
The district is known for its exceptional restaurants and cultural events. The site was formerly occupied by an auto-body shop with a historic façade, which project architects Tanner Hecht Architecture and Van Tilburg, Banvard & Soderbergh preserved by incorporating it into the building’s entry.
Sean tells us Little Italy is one of the hottest areas in San Diego, and this location perfectly aligns with our focus on urban multifamily developments next to jobs, transportation and entertainment. Offering a blend of culture, arts, shopping and fine dining, the district is growing by 2.9% annually, compared to 1.9% in the overall Downtown market. “The population is growing faster than other Downtown neighborhoods, because it is attracting young, educated professionals,” he says, noting about one-third of the community’s residents are between 20 and 40 years olds.
This is CityView’s first project in San Diego, but probably won’t be its last. Sean noted that tech and biotech are major economic drivers in the region’s economy, along with the defense industry and tourism.