SAN DIEGO — A developer plans to build nearly 200 new homes on busy Park Boulevard, bringing more housing to the intersection of three popular downtown San Diego neighborhoods.
The project, from CEDARst Companies, is a 7-story, $74.4 million building at 4135 Park. This places the building in University Heights, just blocks from the bustling Hillcrest and North Park neighborhoods to the east and west.
The developer shared the first details of the 190-unit project in a press release on Wednesday, announcing that teams will start in April and aim to complete the project over a period of around two years. Covering 205,000 square feet, the building will provide common areas for residents, including a cafe, fitness center, lounge, lobby and game room, according to CEDARst.
Renders released by the company also showcase its large outdoor pool deck, complete with a hot tub and cabanas. The pool sits in the center of a horseshoe-shaped building, with apartments rising on three sides. Many units have balconies.
The ground floor of the building facing the street will feature a Heritage bicycle and coffee shop, according to the developer.
Renderings show a line of parking spaces diagonally in front of the store. Spaces are expensive in this part of town, and the developer did not initially outline parking plans for residents. FOX 5 asked for more details.
The company described the rents as “accessible” and “reasonably priced”, but gave no details. FOX 5 also requested this information.
CEDARst touted the project’s location in a qualified opportunity area. The state encourages developers to build housing in these areas and rewards projects with tax benefits, grants and other programs if they meet certain conditions. Officials say the zones help attract investment to underdeveloped and low-income areas.
“Opportunity Zones have opened up a unique chance for companies like CEDARst to develop high-quality apartments with high-end amenities at an affordable price,” said Will Murphy, the company’s CEO and managing partner, in a statement. written statement. “We are thrilled to work in such a vibrant community and look forward to expanding our footprint here in San Diego in the months and years to come.”
CEDARst is based in Chicago and has a $2 billion portfolio, according to the company. Studio E Architects, a San Diego-based company, designed the project and it will be built by Suffolk Construction. Bridge Investment Group and BMO Harris Bank are also listed as partners.
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