Lennar Takes Site in Little Italy for High-Rise

A vacant site that is scheduled to become a new residential high-rise was recently the object of a deal in Little Italy. The buyer was Lennar Multifamily Communities , LLC who paid seller Chhatrala 520 Ash St LLC a total of $12.8 million for the development site. According to the San Diego office of Colliers International, the off-market transaction was handled by Senior Vice President Victor Krebs on behalf of the buyer. The selling entity was not represented by a brokerage.

A vacant parcel in Little Italy has taken a major step toward becoming the site of a high-rise residential project. Lennar Multifamily Communities L.L.C. paid Chhatrala 520 Ash St. L.L.C. $12.8 million for the site at the corner of 520 W. Ash St. and 1446 Columbia St.

Lennar plans a 220-unit residential community with about 5,000 square feet of commercial space.

Victor Krebs of Colliers International’s San Diego office handled the off-market transaction on behalf of Lennar. The seller represented itself.

Little Italy has recently gone through gentrification and now has one of the lowest crime rates in San Diego’s core. Development is slowly intensifying as investors add to the pipeline, continuing the transformation of the old fishing community into a center of growth.