SAN DIEGO — San Diego-based Zephyr has sold The Block, a 60,000-square-foot mixed-use site currently under development on Broadway in San Diego, to Vancouver, Canada-based Bosa Development. The final price was $33 million, according to The San Diego Union Tribune.
Zephyr acquired the property in 2014 and received approvals to transform it into a mixed-use development. The incomplete re-development includes a 41-floor tower and 21-floor tower housing 498 residential units, a boutique hotel and retail space. Zoning of the site allows for development of up to 720,000 square feet.
Currently, the property consists of 1950s-era retail, parking and office space. Bosa plans to demolish the existing structures and develop the mixed-use retail and residential community on the site.
Joseph Wong Design Associates is the architect for The Block, which is estimated to cost at least $250 million.