SAN DIEGO (May 11, 2011) — Alliance Residential is pleased to announce the acquisition of a 1.3-acre development site in the Little Italy district of downtown San Diego. Located just two blocks from the edge of San Diego bay, the project will offer unimpaired views of the ocean, bay and downtown skyline, along with proximity to some of the most popular downtown San Diego retail, restaurant and entertainment venues. Residents will also benefit from easy access to the central business district, San Diego International Airport, Balboa Park and PETCO Park (home of the San Diego Padres). The development will consist of 201 apartment units throughout five stories atop three levels of parking, and will also incorporate six brownstone-style units along the residential street frontage on Fir Street. Construction is scheduled to commence later this year.
The site was originally entitled for a 247-unit high-rise condominium development, but the seller was unable to break ground due to lack of financing. Alliance is capitalizing on the existing zoning — which allows for a high-density, mixed-use residential development — by building a luxury apartment community with 9,000 square feet of ground-floor retail space, branded under the Broadstone community name.
The project will feature an upscale amenity package, including a residents' club, business center, resort-style pool with spa courtyard overlooking San Diego Harbor, state-of-the-art fitness center, and digital gaming and screening room. In addition, the streetscape will be improved with a piazza, offering water features, public art and café-style seating. Interior amenities for the studio, one- and two-bedroom units (available with dens or lofts) will include top-of-market finishes, such as full-size stacked washers and dryers, wood-plank style flooring, stainless-steel appliances, upgraded cabinets, granite countertops, oversized tubs, walk-in closets and private balconies.
"Alliance Residential recently expanded its Southern California presence by opening a development and construction office in San Diego last November," says Michael Yanicelli, Managing Director of Development. "We are excited to have re-entitled and acquired a development site in one of San Diego's premier neighborhoods."
Per V. Jay Hiemenz, Chief Financial Officer: "We are excited to have this development opportunity at a "Triple A" core location in downtown San Diego. San Diego is one of our target markets for new development activity, given strong market fundamentals and commensurate investor demand. With this development, we have an opportunity to re-entitle the project to what we believe is the right product at an attractive basis relative to acquiring existing product, while also bringing cutting-edge amenities and features — which we are confident will be well-received by prospective residents — to the market."
For more information, visit www.allresco.com.
Company Information
Alliance Residential is a fully-integrated multi-family real estate operating company focused on the development, acquisition, construction and management of multi-family communities in the United States. Headquartered in Phoenix, Alliance has 19 regional offices divided among six regions throughout the U.S. Over the past 11 years, Alliance has become one of the largest private apartment owners and the 15th largest management company in the nation managing a $6.0+ billion 50,000 unit portfolio, spanning 24 metropolitan markets and a presence in 15 states (including Arizona, California, Colorado, District of Columbia, Florida, Georgia, Maryland, Nevada, New Mexico, New York, Oregon, Texas, Utah, Virginia and Washington). For more information, visit www.allresco.com.