1620 Union Street #1, San Diego, CA 92101 - MLS#240028345

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Matt O'Brien

matt@homecrave.com +1(619) 302-3010

$ 2,095,000

Est. payment | -/mo

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$ 2,095,000

Est. payment | -/mo

Save Virtual Tour

Key Details

Property Type Vacant Land

Sub Type Lots/Land

Listing Status Active

Purchase Type For Sale

Subdivision Not Applicable(1)

MLS Listing ID 240028345

Property Sub-Type Lots/Land

Property Description

MAJOR PRICE REDUCTION! Motivated Seller! The subject property is a 5,013 square foot site located at 1620 Union Street in the heart of Little Italy, currently improved as a surface parking lot. The owner has a month-to-month lease agreement with LAZ parking (terms of the agreement can be found on page 11 of the OM). Designed by Jonathan Segal FAIA Design, the offering includes a Site Development Permit for an Air Rights Tower to construct a 24-story, 250-foot tall residential development, totaling approximately 109,546 SF and comprised of 73 residential dwelling units and 70 parking spaces within a fully-automated mechanical parking garage. At the time of approval, the project was improved with a historical, single family home, which was to be relocated to 2462-2648 Newton Avenue. The home was relocated in September 2023, thereby satisfying the condition and vesting the permit. The timeline for pulling a building permit is generally indefinite and the entitlements have no expiration date. Union Tower is located in the heart of Little Italy, an urban community collecting some of the highest rents in all of San Diego County. Little Italy's resident base is predominantly comprised of affluent and educated residents. Little Italy is booming with award winning restaurants, trendy bars & nightlife, Italian inspired coffee and gelato shops, and more. With an impressive walk score of 99, many Downtown amenities are located within walking distance of the site, including Amici Park, the India Street commercial corridor, the Little Italy Trolley Station, and the Waterfront Park.

Location

State CA

County San Diego

Area Metro Central

Zoning CCPD-Res

Interior

Fireplace No

Exterior

Fence Partial

Utilities Available Below Ground

View Y/N Yes

Water Access Desc Available

View City, Ocean, Panoramic

Present Use Unimproved

Building

Water Available

Others

Tax ID 533-353-11-00

Virtual Tour https://www.propertypanorama.com/instaview/snd/240028345

Listed by Eric D Comer Eric D. Comer, Broker

+1(619) 302-3010

matt@homecrave.com

San Diego, CA, 92124

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1620 Union Street #1 San Diego, CA 92101