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$2,490,000

Est. payment - /mo

5,013 Sqft Lot

Price Dropped by $1.5M

1620 Union Street San Diego, CA 92101

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Chris Mardelli

chris@therealupside.com +1(310) 571-5761

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Key Details

Property Type Vacant Land

Listing Status Active

Purchase Type For Sale

MLS Listing ID 240028345SD

HOA Y/N No

Lot Size 5,013 Sqft

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 92101 - San Diego Downtown

Zoning CCPD-Res

Interior

Fireplace No

Exterior

Fence Partial

View Y/N Yes

View Ocean, Panoramic

Present Use Unimproved

Building

Lot Description Level

Others

Senior Community No

Tax ID 5333531100

Listed by Eric Comer • Eric D. Comer, Broker

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