Liberty National Acquires Prominent Downtown San Diego Site to Develop new 40-story MXU Project featuring 640 Housing Units

Cushman & Wakefield Advises Sale of former Salvation Army Property

SAN DIEGO, Calif., September 5, 2019 – Cushman & Wakefield announced today the firm has advised the sale of 0.69 acres (30,000 square feet) of land prominently located at the intersection of Park Boulevard and Broadway in downtown San Diego’s East Village. Liberty National Corporation acquired the property from the Salvation Army. A Cushman & Wakefield sales team including Tim Winslow, Jason Kimmel and Kevin Nolen, who specialize in multifamily and land sales in the San Diego region, handled the transaction.

The site is part of a larger assemblage of properties totaling 1.38 acres (60,182 square feet) in one full block that Liberty previously acquired and plans to redevelop into a new Class A mixed-use project totaling 640 residential units plus commercial space. Consisting of a single tower and two podium buildings, the project site is bounded by Park Boulevard, 13th Street, Broadway, and C Street.

“The site is a strategic acquisition given our interests in the area and its location at the juncture of two major entries into the downtown core on the high activity Broadway and Park Boulevard corridors,” said Randy Williams, Vice President with Liberty National. “There remains a housing shortage in San Diego, and we think as this sought after region continues to grow and attract talent that this new project will appeal to a wide range of residents while offering a special living opportunity that is very close to businesses, amenities and the many great coastal and family attractions San Diego has to offer.”

Williams added, “We thank Tim and the Cushman & Wakefield team for their assistance with this important transaction, along with the Salvation Army, a wonderful community organization.”

Major Henry Graciani, Salvation Army’s General Secretary Adult Rehabilitation Centers Command, said, “Randy, Mark Schmidt and the Liberty National team have been exceptionally supportive of The Salvation Army, particularly our Adult Rehabilitation Center in San Diego. In addition to their personal visits and interaction and support, members of Liberty National have helped to financially fund our program, collectively donating nearly $300,000 to our effort! Their company is also graciously helping share their own artistic talents and production resources and even helped pay for some of the video and infomercial work we are doing to further help raise awareness of our critical rehabilitation program in San Diego that saves lives and restores families.”

Major Graciani added, “I am humbled and grateful for Liberty National’s ongoing generous support, and The Salvation Army San Diego ARC is pleased and humbled to consider them a partner in helping serve San Diego County.”

Liberty’s new mixed-use project at Park and Broadway will include a 40-story, 400-foot tall high-rise residential tower with two mid-rise buildings of six and seven stories collectively comprising approximately 640 apartment units. The residential component will include (553) 1-bedroom units, (86) 2-bedroom units, and one 3-bedroom unit. There will also be 16,485 square feet (sf) of new multi-tenant commercial/retail space spread across the ground floors of the three buildings. The two podium buildings will be constructed during Phase 1 and the tower during Phase 2 of the development.

The project will include 634 individual parking spaces plus 60 tandem spaces situated in five levels of subterranean levels and seven above-grade levels. There will also be designated motorcycle and bicycle parking areas. The project will also feature nearly 40,000 sf of common outdoor open space—more than three times the city’s required amount, residential storage areas, plus open pet space for residents.

“San Diego’s East Village has been viewed as the last major development opportunity for downtown.  We have seen some of the most astute developers, including Liberty National, getting a strong foothold into the neighborhood,” said Tim Winslow, Executive Director. “Liberty National now owns two strategic blocks in the East Village area; one at 10th Ave. and B St. and the recently acquired Broadway, Park Blvd. and 13th St. property(s).  One key similarity and focal point of these projects is both Liberty National sites are conveniently near public transit, positioned adjacent to the trolley line currently being extended along Interstate 5 into the University Town Center (UTC) area.”

Winslow continued, “There is also more happening in the East Village area at this time, including other potential property being targeted by developers, while Navarra Properties’ new SuperBlock @ I.D.E.A. District redevelopment at 14th and F Street, one block from Broadway, that will deliver up to 1 million square feet of new Class A creative office which will help positively change East Village forever.”

 

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

2019-09-05T17:26:44-04:00September 5th, 2019|In the News|