East Village Development Opportunity
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East Village Development Opportunity Kevin Nolen, LEED AP +1 858 546 5487 [email protected] CA Lic. # 01840398 Tim Winslow +1 858 546 5436 [email protected] CA Lic. # 00891667 Jason Kimmel + 1 858 546 5414 [email protected] CA Lic. # 01328121 Disclaimer Cushman & Wakefield has been retained as the owner’s exclusive advisor and broker Additional information and an opportunity to inspect the Property will be made regarding the sale of 1425-1433 Market Street, San Diego, CA 92101 (the “Property”). available upon written request to interested and qualified prospective investors. This Offering Memorandum has been prepared by Cushman & Wakefield for use by Owner and Cushman & Wakefield each expressly reserve the right, at their sole a limited number of parties and does not purport to provide a necessarily accurate discretion, to reject any and all expressions of interest or offers regarding the summary of the Property or any of the documents related thereto, nor does it purport to Property and/or terminate discussions with any entity at any time with or without be all-inclusive or to contain all of the information which prospective investors may need notice. Owner shall have no legal commitment or obligation to any entity reviewing or desire. All projections have been developed by Cushman & Wakefield, the Owner, and this Offering Memorandum or making an offer to purchase the Property unless and designated sources and are based upon assumptions relating to the general economy, until a written agreement for the purchase of the Property has been fully executed, competition, and other factors beyond the control of the Owner and, therefore, are delivered, and approved by Owner and its legal counsel, and any conditions subject to variation. No representation is made by Cushman & Wakefield or Owner to Owner’s obligations thereunder have been satisfied or waived. Cushman & as to the accuracy or completeness of the information contained herein, and nothing Wakefield is not authorized to make any representations or agreements on behalf contained herein is, or shall be relied on as, a promise or representation as to the future of Owner. performance of the Property. Although the information contained herein is believed to This Offering Memorandum and the contents, except such information which is be correct, Owner and its employees disclaim any responsibility for inaccuracies and a matter of public record or is provided in sources available to the public (such expect prospective purchasers to exercise independent due diligence in verifying all contents as so limited herein are called the “Contents”), are of a confidential such information. Further, Cushman & Wakefield, Owner, and its employees disclaim nature. By accepting the package, you agree (i) to hold and treat it in the strictest any and all liability for representations and warranties, expressed and implied, confidence, (ii) not to photocopy or duplicate it, (iii) not to disclose the package contained in, or for omission from, this Offering Memorandum or any other written or any of the contents to any other entity (except to outside advisors retained by or oral communication transmitted or made available to the recipient. This Offering you, if necessary, for your determination of whether or not to make a proposal and Memorandum does not constitute a representation that there has been no change in from whom you have obtained an agreement of confidentiality) without the prior the business or affairs of the Property or the Owner since the date of preparation of the written authorization of Owner or Cushman & Wakefield, (iv) not use the package package. Analysis and verification of the information contained in this package is solely or any of the contents in any fashion or manner detrimental to the interest of Owner the responsibility of the prospective purchaser. or Cushman & Wakefield, and (v) to return it to Cushman & Wakefield immediately upon request of Cushman & Wakefield or Owner. 4747 Executive Drive, 9th Floor San Diego, California 92121 T +1 858 546 5400 F +1 858 630 6320 www.cushwake.com Table of Contents 01 EXECUTIVE SUMMARY 03 INVESTMENT HIGHLIGHTS 05 OFFERING SUMMARY 09 AREA HIGHLIGHTS 11 SITE PLANS/FLOOR PLANS 13 ZONING INFORMATION 15 LAND SALE COMPS MULTI-FAMILY 19 MARKET OVERVIEW 23 DEMOGRAPHICS 01 1425-1433 Market Street POINT LOMA CORONADO HORTON CONVENTION CENTER PLAZA MALL PETCO PARK GASLAMP DISTRICT SAN DIEGO PUBLIC LIBRARY PROPOSED CHARGERS STADIUM N 1425-1433 Market Street 02 HORTON PLAZA MALL SAN DIEGO CIVIC THEATER Executive Summary EXCELLENCE IN LOCATION The Bahia View development site is an opportunity to develop an institutional quality Class A+ project in downtown San Diego’s most up and coming neighborhood, the East Village. The approximately 15,000 SF site enjoys proximity to some of the newest, trendy restaurants, bars, and urban developments in the East Village. The site has easy access to the freeway is within walking distance to Petco Park, and is ideal for any trolley rider. East Village is the wave of opportunity in San Diego! 03 1425-1433 Market Street 1425-1433 Market Street 04 Investment Highlights ● View corridors to the north, south, and west, highly unusual for a mid-block parcel ● 22 stories - 95 residential condos (fully approved by Civic San Diego) ● Directly across from Albertsons supermarket ● Fault Line Park within a half a block ● Within walking distance to Gaslamp District and Petco Park 05 1425-1433 Market Street 1425-1433 Market Street 06 Offering Summary Asking Price: Submit Location: 1425-1433 Market Street, San Diego, CA 92101 Land Area: 15,000 SF APN: 535-153-11 and 14 Property Type: Mixed-Use Zoning: CCPD-NC – page 22 FAR: Minimum – 3.5, Maximum – 6.0 (+4.0 through Bonus Payment) Height Limit: 400 ft 07 1425-1433 Market Street SAN DIEGO ZOO SOUTH PARK BALBOA PARK GOLDEN HILL SAN DIEGO CITY COLLEGE MAKERS QUARTER SMART FARM COMMUNITY GARDEN EAST VILLAGE GREEN PARK I.D.E.A. DISTRICT ALBERTSONS MARKET STREET 13th STREET 13th 14th STREET14th 15th STREET N SAN MARCOS CARLSBAD S BLVD ESCONDIDO RD SAN MARCO ALO RT P MAR AIRPO D L R A E E F R A O T N N I A S M A O C H C L N E A LEUCADIA R E ENCINI L CAM TAS BLV IN D O D ENCINITAS E EL N V OR A TE WAY R H IG P E H S O T IO RANCHO S D M E L E E H D BERNARDO R C R N D MA A D R O E T R N D E C O SOLANA BEACH RD E A L N 1425-1433 Market Street 08 L BER VA E LA VIA D POWAY C RD A DEL MAR S R HT M HEIG E MAR L POWAY RD DEL M OU NTAIN RD B L SCRIPP A S POWAY PARKWAY C N K T O LVD M SCRIPPS RANCH R B O R Y LE U E L Y VA N O T GOLDEN HILL P T EN A I R R I N SO SORRENTO N TORREY PINES E D R R S MESA O D D R ERA D POM MIRAMAR D MIRAMAR R UTC GOVERNOR KEARNY SANTEE AR LA JOLLA DA PARK TH MESA G L . E A N J E O S L S PACIFIC L E A E B L V VE D OCEAN D A A R BO RGE BAL GO N VE IO ET A S GARN IS M PACIFIC BEACH MAIN ST D MISSION BEACH IARS R FR EL CAJON MISSION VALLEY VD EL CAJON BL S OCEAN BEACH N A R C SE O R LEMON GROVE D LV DOWNTOWN B ACHA MARKET JAM NATIONAL CITY POINT LOMA CORONADO SAN DIE B G R CHULA 09 1425-1433 Market Street Albertsons Fault Line Park Quartyard Makers Quarter MAKERS QUARTER BLOCK C VIEW FROM BLOCK A B NIM berkebile nelson immenschuh mcdowell architects | 949 West Hawthorn S treet Unit 11 San Diego CA 92101 816 783 1500 f 816 783 1501 bnim.com BNIM Project No. 15019.00 | 07.31.2015 Copyright © 2012 BNIM 1425-1433 Market Street 10 what to do ● Quartyard - Vast outdoor container park with beer, coffee & food trucks, plus live bands, events & a dog park. ● Makers Quarter - a community of Entrepreneurs, Artists, and Makers, located in San Diego’s East Village ● Directly across from Albertsons supermarket ● Fault Line Park on the intersection of 14th Street and Island Avenue is the first public park to open in the neighborhood since 2004 MAKERS QUARTER BLOCK C VIEW FROM BLOCK A B NIM berkebile nelson immenschuh mcdowell architects | 949 West Hawthorn S treet Unit 11 San Diego CA 92101 816 783 1500 f 816 783 1501 bnim.com BNIM Project No. 15019.00 | 07.31.2015 Copyright © 2012 BNIM 11 1425-1433 Market Street 1425-1433 Market Street 12 Area Highlights SAN DIEGO GASLAMP DISTRICT GROCERY STORE INTERNATIONAL AIRPORT 10 MINUTE WALK 1 MINUTE WALK 9 MINUTE DRIVE (ALBERTSONS) TROLLEY STATION CORONADO BEACH HORTON PLAZA MALL 9 MINUTE WALK 9 MINUTE DRIVE 5 MINUTE DRIVE BALBOA PARK SAN DIEGO ZOO SEAPORT VILLAGE 5 MINUTE DRIVE 7 MINUTE DRIVE 10 MINUTE DRIVE 13 1425-1433 Market Street Site Plans VICINITY ELEVATIONS SITE PLAN SITE ANALYSIS HISTORICAL BUILDING ON SITE TO BE DISASSEMBLED AND REMOVED. SITE TO BE EXCAVATED, AND HISTORICAL BUILDING BROUGHT BACK ONTO SITE AND REASSEMBLED. DETAILS AVAILABLE UPON RETURN OF A SIGNED CONFIDENTIALITY AGREEMENT. 1425-1433 Market Street 14 Floor Plans FLOOR PLAN LEVEL 03 FLOOR PLAN LEVEL 02 San Diego Municipal Code Chapter 15: Planned Districts (5-2016) 15 1425-1433 Market Street Ch. Art. Div. 15 6 3 102 1425-1433 Market Street 16 Click here for CCPD-NC Zoning Zoning Information Neighborhood Mixed-Use Center (NC).