SkyscraperPage Forum - SAN DIEGO | Boom Rundown, Vol. 2

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Quote:

Originally Posted by mello (Post 3161382)

300 dollars per sq. foot?? What are you talking about? I thought that it costs 300 dollars per foot to build these high rise units so how could they sell for that?

I'm not seeing where any profit could be made by selling them at that price. Or were you talking about construction costs? Thanks.

it is the old 'end of the world' real estate talk. We will see. Average price/sqft in Downtown is in the mid-500's right now... to go to $300 would be quite a drop. But what do I know... about as much as anyone else.

We will see how the development community deals with a much longer sales cycle. Hey it took the Meridian 10 years to sell out.

BTW, just my humble opinion, but compared to other urban areas, $500 foot is a bargain.

Quote:

Originally Posted by mello (Post 3161382)

You can buy new highrise units in downtown Austin for $300/sq ft and up, but I'm guessing it costs more to build out in San Diego. Honestly, if the price in downtown San Diego gets to $300/sq ft for a decent unit, I'm buying out there.

Quote:

Originally Posted by mello (Post 3161382)

http://www.sdlookup.com/MLS-07603564...Diego_CA_92101

http://www.sdlookup.com/MLS-07108713...Diego_CA_92101

Quote:

Originally Posted by sandiegodweller (Post 3161921)

http://www.sdlookup.com/MLS-07603564...Diego_CA_92101

http://www.sdlookup.com/MLS-07108713...Diego_CA_92101

Doomsday. You found 2 units at $300 / $350 per SF and now all units in concrete buildings are approaching $300 per SF. Your have a bank REPO and a 1st floor unit in park loft. 1st floor units there are outdoor urinals. Not to mention their HOA is off the charts for what you get.

Quote:

Originally Posted by keg92101 (Post 3161995)

Here is my exact quote:

"I am starting to see that the prices of other concrete buildings in vastly superior locations are starting to approach $300 psf."

1. Is Park Loft in a superior location than Vantage Pointe? Yes
2. Are prices in Park Loft approaching $300 psf? Yes

Do you really think that VP will be worth more than this in 18 months?

It is unrelated to SD but I invite you to view my first ever thread. A photo tour of my trip around Austrailia. http://forum.skyscraperpage.com/show...98#post3162198

Cheers.

Quote:

Originally Posted by sandiegodweller (Post 3162037)

I agree with you on your points, but, a bank REPO selling at $308 per SF doesn't mean that the property is only worth that. The bank is trying to cover the loan.

Last I checked, VP is marketting their units as "more affordable", whatever that means.

Quote:

Originally Posted by keg92101 (Post 3162562)

And just to finish the thought on ParkLoft, they are in litigation with the developer for defects. It is very hard to get a bank loan in that situation... it usually requires at least 30% down.

Does anyone know if and when the "Urban Market" is going to begin buildout in the TR Produce building?

I read that this British chain, I think it is called Fresh and Easy, is looking to move into downtown. Lets hope the TR building is a site they consider; I would rather have a Trader Joe's though.

Fresh & Easy is a Tesco concept. It is different than Fresh & Wild which is Whole Foods Market's name for their British stores and the smaller Henry's stores that they recently acquired. It'd be great to see a Whole Foods downtown.

TR Produce doesn't make any sense for a grocery store

It is buried along J Street with no visibility, no loading docks and no parking.

New Broadway Pier Design

Quote:

DOWNTOWN SAN DIEGO – It's being played out like a home-improvement television show aimed at tackling a seemingly impossible design task.

Photos courtesy of Bermello, Ajamil & Partners
The design has open spaces and a pavilion at the end for the public when ships aren't using the terminal.
The challenge? To accommodate cruise ships on a popular San Diego pier that must also create an attractive and welcoming environment for the public.

A much-dreaded, big-metal-box design has been scrapped. And a large, tentlike structure pitched months ago is also out.

The latest idea for a renovated Broadway Pier and new cruise-ship terminal includes a sleek, industrial building with large windows and a jagged, saw-toothed roof. The pier also would include open spaces and a pavilion at the end that would be available for public enjoyment when ships are not occupying the terminal.

The San Diego Port Commission reviewed the latest plans Tuesday and gave them high marks. Civic groups and Mayor Jerry Sanders had criticized previous designs.

“We approve of what you are doing so far,” Chairwoman Sylvia Rios said.

Commissioners expect to formally vote on a budget and design for the project next month.

But like every designer's challenge, this one probably will take a few more turns.

For starters, San Diego Unified Port District staff members and the architects hired for the project say they doubt the job can be done on time or on budget.

Initially, the cruise-ship terminal was to be ready for next fall's cruise season. But port officials say it probably will open in phases that would accommodate ships during construction. The pier is expected to be open to the public sporadically during construction, which will take from 18 to 36 months.

What's more, the $10 million to $12 million budgeted for the project that the Carnival cruise line is financing will probably fall short of the cost, said Rita Vandergaw of the Port District. The budget includes about $6 million for the 40,000-square-foot terminal building.

The pier would accommodate cruise ships during at least 60 days in an erratic schedule throughout the year.

Commissioners, once content with earlier and less architectural designs for the plan, now want to put some punch in the design.

“This is the doorway to San Diego,” Commissioner Mike Najera said. “This is the front door, and we need to make a statement.”

From the picture they provide, I actually like it a lot. Too bad it won't fit in the current budget.

Quote:

Originally Posted by sandiegodweller (Post 3174071)

It is buried along J Street with no visibility, no loading docks and no parking.

I would go because it's in walking distance of me and I think many people are in walking distance - - ICON, Fahrenheight, M2I, Alta, Parkloft, etc

I'm not sure I would consider J street right across from Petco Park as "buried"?? It seems like a high-visibility area with high foot traffic

He has a good point though. It doesn't have a loading dock.

Quote:

Originally Posted by SDCAL (Post 3175668)

It is the best example of buried that I can think of. 8th and 9th dead end into the Park at the Park. J Street has a few hundred people walk and drive by per day. This will decrease when the construction workers (still working on the retail spaces at The Legend, ICON and Diamond View Tower) finally leave in a few weeks.

The Quiznos is a ghost town except for lunch time.

High foot traffic (which it doesn't have except on game days) equates to a 7-11 which is already there. Real markets need people to actually buy a decent quantity of groceries (which require a vehicle to carry home) to make money because they operate on such small margins.

Quote:

Originally Posted by sandiegodweller (Post 3175803)

I live in the ICON and I can attest that there is much foot traffic. The whole community uses the Park at the Park. There are seven or eight large condo buildings right around the TR site I feel most of those people would WALK to a grocery store there. One of the reasons most people live down here is so they can park the car and walk everywhere.

Quote:

Originally Posted by sandiegodweller (Post 3175803)

Hey Debbie Downer, check the link below. A market is already pending...

http://burnhamrealestate.com/urbanre...il%20Flyer.pdf

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