Barrio Logan Neighborhood Close to Completing Mixed-Use Residential and Commercial Project
- Jul 25, 2011
Located south of downtown, the working-class neighborhood Barrio Logan is getting close to completing a $58 million mixed-use residential and commercial project aimed at Hispanic shoppers. The New York Times informs that the development has entered its final stage of construction and is estimated to be completed towards the end of 2012.
The project constructed on two vacant city blocks, that total around 6.8-acres, will include a 35,000-square-foot Northgate Gonzalez supermarket and 48,000-square feet of street-level retail space. The retail segment of the project is being developed by Shea Corporation and Northgate Markets. The residential component of the plan consists of 92 affordable apartments and is being built by Chelsea Investment Corporation. According to the official website of the City of San Diego, the project incorporates smart growth and LEED principles. The affordable housing has been supported with $9.1 million from the Redevelopment Agency, $7 million from the San Diego Housing Commission and $20.5 million from the California Tax Credit Allocation Committee.
The Mercado del Barrio Project is estimated to create 500 permanent jobs and to bring around $200,000 in annual sales tax revenue to the City and $3 million in tax increment.
In other news RenTV.com reports the sale of the Se Hotel to a Kimpton Hotels & Restaurants affiliate for $49 million. The 23-story, 148-room mixed-use hotel and entertainment complex is located at 1047 Fifth Avenue in downtown San Diego. The hotel includes 14,300 square feet of meeting space, 31,300 square feet retail space, a 5,500 square-foot spa and a rooftop swimming pool. The hotel complex was sold in a Section 363 sale by 5th Ave Partners LLC, the Debtor in Possession in Chapter 11 Bankruptcy Proceedings pending in the Central District of California. The seller was represented by CBRE.