Canadian Developer Purchases Downtown Apartment Tower Site
Canada-based Pinnacle International has purchased a half-block project site in Downtown San Diego's Broadway Heights neighborhood for $10.9M.
Local developer Michael Blumenthal, who had already won city approval for a 279-unit apartment tower called Pacific Heights, sold the property at 11th Avenue and A Street. Blumenthal’s proposal for Pacific Heights, designed by locally based Joseph Wong Design Associates, called for a 22-story, modern structure with 235 to 284 units and 8,400 SF of retail on ground level, according to the San Diego Union-Tribune. A three-story podium would house two floors of residential units above a street-level lobby and retail areas. The thinner residential tower would be sheathed with a floor-to-ceiling glass window wall system.
Last year, Pinnacle opened Pinnacle on the Park, a 46-story, 484-unit apartment project at 424 15th St. A similarly sized twin tower is planned on the north side of the block and should break ground within a few weeks. Pinnacle also built the 182-unit Museum Tower in 2005 at 550 Front St, next to the New Children’s Museum.
The company also owns a site at 11th Ave and Broadway, which is entitled for two residential towers up to 32 stories, with a total of 618 units. [SDUT]
