Liberty National Buys Downtown San Diego Site to Develop 40-Story Mixed-Use Project
SAN DIEGO — Liberty National Corp., a San Diego-based multifamily developer, has assembled a 1.38-acre, full-block site in San Diego and announced plans for a mixed-use project on the property.
Liberty’s proposal includes a 40-story residential tower and two mid-rise buildings of six and seven stories. The property will offer a total of 640 apartments in a mix of 553 one-bedroom units, 86 two-bedroom units and one three-bedroom unit. Additionally, the development will feature 16,485 square feet of multi-tenant commercial/retail space spread across the ground floors of the three buildings.
The project is located at the intersection of Park Boulevard and Broadway in downtown San Diego’s East Village. The San Diego Union-Tribune reports that the Liberty purchased the last piece of the site from the Salvation Army for approximately $7.7 million.
“The site is a strategic acquisition given our interests in the area and its location at the juncture of two major entries into the downtown core on the high-activity Broadway and Park Boulevard corridors,” says Randy Williams, vice president with Liberty National. “There remains a housing shortage in San Diego. As this sought-after region continues to grow and attract talent, this new project will appeal to a wide range of residents while offering a special living opportunity that is very close to businesses, amenities and the many great coastal and family attractions San Diego has to offer.”
The project will also include 634 individual parking spaces, plus 60 tandem spaces, situated on five subterranean and seven above-grade levels, as well as nearly 40,000 square feet of common outdoor open space, residential storage area and open pet space for residents.
Liberty will break ground on the two podium buildings during the first phase of development, and the high-rise tower will be constructed during the second phase. The architect, general contractor and construction timeline for the project are not yet disclosed.
The Union-Tribune reports that Liberty already owned the northern section of the site for 12 years and had previously planned to develop a 117-unit housing project there in 2006. That project was delayed following the discovery of an earthquake fault line. The developer’s purchase of the southern section allows construction of the much larger project.
Tim Winslow, Jason Kimmel and Kevin Nolen of Cushman & Wakefield handled the sale transaction for the final piece of land.
— Alex Patton and Amy Works