North Park Has What Developers Want
One-and-a-half acres at 2030 El Cajon Blvd has traded hands in North Park, the first large redevelopment project in North Park this cycle, Colliers International’s Victor Krebs tells us. (Victor and colleague Gunder Greager brokered the deal between seller AmProp North Park LLC and buyer TR Hale LLC.) It will be catalytic for the redevelopment of this part of El Cajon Blvd, he predicts. The redevelopment of the area is being driven, in part, by young renters attracted by its mix of building styles, its retail, and entertainment—and they’re willing to pay top-dollar.
Here's a pic from the Bisnow blimp. The buyer plans to develop a mixed-use project on the site, which is entitled for 180 residential units. North Park is seeing significant interest from developers looking for high-quality infill sites, especially entitled sites of this scale, Victor says. He has also handled other deals in the area, including the sale of the 225-unit La Boheme to DR Horton, the sale of the 89-unit Egyptian Condominiums to CityMark Development, and the sale of the Lafayette Hotel.