A Vancouver, Wash.-based developer has broken ground on the 242-unit apartment complex called 15th and Market -- just one of several apartment projects under way in the East Village.
The proposed $69 million, six-story project is Holland PartnersGroup’s first in San Diego.
Other apartment projects under way in the East Village include the 617-unit, 15th & Island development -- named for the cross streets of the same name -- by Vancouver, British Columbia-based Pinnacle International.
Pinnacle officials could not be reached for comment on that development.
At 16th and G, a 385-unit project -- by Avion Development, of San Diego, and San Francisco-based UrbanCore LLC -- called Leeding Edge, named for its expected LEED certification, is expected to be completed sometime next summer.
Texas-based Hanover Co. and Denver-based UDR (NYSE: UDR) are developing a 264-unit apartment project dubbed Hanover Market Street at 13th and Market, which has 20,300 square feet of commercial/retail space along with its apartments. That project is slated for completion by the end of 2013.
A joint venture of Holland and New York City-based Real Estate Capital Partners paid $7.25 million for the approximately 60,000-square-foot block at 15th and Market last December.
Building amenities will include a two-story fitness center, a poolside resident lounge with outdoor grilling stations, an entertainment and media room, an on-grade landscaped common area, a roof deck with views of downtown San Diego, a dog-run area and more than 10,000 square feet of ground floor retail space.
A rendering of 15th & Market.
Tom Warren, chief operating officer in charge of Holland’s Southern California Region, said that more than the complex’s features, it is the location that will set it apart.
“We are inspired by the character of this unique artist district -- personified by the legacy of Bob Sinclair,” Warren said.
Sinclair -- the late owner of Pannikin Coffee & Tea in the Gaslamp Quarter, and a co-founder of the East Village Association -- was instrumental in the redevelopment of both communities.
Warren said the inspiration for the Carrier Johnson + Culture design is being drawn from local independent establishments such as The Mission restaurant, Neighborhood, Café Chloe, Cowboy Star Restaurant and Monkey Paw Pub & Brewery.
“These amenities, among others, have created an urban playground that will appeal to those we expect to be moving into our community just 18 months from now,” Warren added.
“With its diverse mix of retail, restaurants, housing, jobs and educational facilities, the East Village promises to become the premier residential address in downtown San Diego,” he said.
Warren noted the site is close to various amenities, including Petco Park, the planned East Village Park, and several institutions of higher education, including the new Thomas Jefferson School of Law, the NewSchool of Architecture and San Diego City College.
Josh McDonald, a Holland spokesman, said the first 60 to 80 units should be ready by February 2014, with completion of the project tentatively slated for the summer of 2014.
McDonald said Holland continues to look for additional opportunities in downtown San Diego.
Founded in 2000, The Holland Partners Group comprises five operating companies focused on development of new communities, new construction operations, property management, and redevelopment services in conjunction with investment and asset management. Holland primarily operates in the Western United States.
15th & Market is Holland's sixth development started in 2012.