The buyer was Trammell Crow Residential (TCR), which recently broke ground on Simone, a new 36-story, 612,000-square-foot luxury residential high-rise located on the site at 1401 Union St. Simone is a joint venture between TCR, Pacific Life Insurance Company and AAA Management.
Kevin Nolen, Tim Winslow and Jason Kimmel with Cushman & Wakefield San Diego represented the landowner in the transaction.
“We have continued to see healthy capital interest in San Diego, despite the pandemic, and with investor sentiment for development projects remaining strong due to the long development timelines,” said Kevin Nolen, LEED AP. “There have also been several stabilized multifamily sales in the area that have led to clarity on the exit pricing for developers.”
The site is bounded by Union, Ash and Front streets and occupies half of a city block. The new Simone residential community, which was designed for LEED Gold certification, is scheduled for completion in 2023. One of the tallest buildings in downtown and offering panoramic views of San Diego Bay, the tower will consist of 30 floors of apartments atop a six-story podium with three levels of underground parking and four levels of above ground parking. Apartments will range from 577-square-foot studios to 1,097-square-foot two-bedroom units and 1,500-square-foot penthouses on the 35th and 36th floors.
The community features a lushly landscaped rooftop pool, spa and entertainment space; a Sky Club with panoramic city views, gourmet demonstration kitchen and indoor-outdoor lounges and dining spaces; a 4,000-sf indoor-outdoor, tech-savvy fitness center; a 10,000-sf outdoor lounge with a movie projector screen; dog park, pet lounge and spa; a bike repair shop with storage; a co-working business center and more.
The premier location is walking distance to major future tech and life science campuses including Horton Plaza and the San Diego Research & Development District (RaDD) by IQHQ, luxury dining and other amenities and attractions offered in the vicinity.