CityView Acquires Land for AV8 Apartment Community in San Diego’s Little Italy - Land.Net News
January 7, 2016
CityView Partners with San Diego-based CityMark Development on the Project LOS ANGELES & SAN DIEGO--(Business Wire)-- CityView, a premier investment management and development firm focused on urban multifamily real estate in the Western United States, announced today that it has acquired the land for the site of its new AV8 project located in San Diego`s Little Italy neighborhood. CityView is providing equity capital from its Southern California Fund II to partner with San Diego-based CityMark Development in the project`s development.
"The AV8 project is a prime example of how CityView successfully deploys capital through developers with highly specialized, local market expertise," said Sean Burton, chief executive officer of CityView. "Little Italy is one of the hottest areas in San Diego which perfectly aligns with our focus on urban multifamily developments that are right next to jobs, transportation and entertainment."
The proposed AV8 apartment community is a 30,000 square-foot site located at 2101-2175 Kettner Blvd., between Ivy and Hawthorn streets, placing the project in the center of one of San Diego`s most desirable and vibrant neighborhoods. The project will feature a six-story building containing 129 residential units, 7,600 square feet of retail space, and 2.5 levels of subterranean parking. CityView plans to preserve the historic front entrance of the building that formerly housed an auto-body repair shop.
"We are pleased to have partnered with CityMark on the development of AV8," said Tony Cardoza, managing director of CityView. "CityMark has a reputation for creating landmark residential buildings in metro San Diego that seamlessly blend new developments with historic landmarks. This philosophy matches well with our own mandate, which makes CityMark and CityView ideal partners."
"This development is an ideal urban infill site in the heart of San Diego`s Little Italy, a submarket with an attractive blend of culture, arts, shopping and fine dining," said Rich Gustafson, president of CityMark. "We could not be more excited to partner with CityView in this endeavor and create a development that we believe will only strengthen this already vibrant community."
Groundbreaking on the AV8 project is slated for early 2016, with completion expected by spring of 2017. The project`s architects are Tanner Hecht Architecture and Van Tilburg, Banvard & Soderbergh.