The developer of the 201-unit Broadstone Little Italy project has two more apartment projects in the works -- one in Kearny Mesa and another in the Bankers Hill area of San Diego.
Michael Yanicelli, Alliance Residential managing director, said his firm’s planned 360-unit Broadstone Kearny Mesa project will be located next to Montgomery Field near the junction of Aero Drive and Sandrock Road, where five industrial buildings totaling 102,700 square feet are located today.
The property currently includes a 45,055-square-foot building at 8601 Aero Drive, a 2,632-square-foot structure at the same address, a 32,452-square-foot building at 8589 Aero Drive, an 11,678-square-foot building at 8593 Aero Drive, and a 9,900-square-foot building at 8581 Aero Drive.
Phoenix-based Alliance acquired the property for $17.95 million from a partnership controlled by the San Diego-based Westcore Properties LLC commercial/industrial property investment firm in December 2012. Alliance took out a $61.35 million Wells Fargo (NYSE: WFC) construction loan for the project at the same time.
“We’re going to get started on this project later in the first quarter and it should take about 20 months to build,” Yanicelli said, and added that the apartments will range from about 650 to 1,200 square feet in one- and two-bedroom configurations.
Alliance has also been doing demolition work in Bankers Hill for Broadstone Balboa, a 100-unit apartment. The project, located on Thorn Street between Fourth and Fifth avenues, is expected to take about 20 months to complete.
Broadstone Balboa calls for the preservation of a 1,500-square-foot structure at 3235 Fourth Ave. and a 2,500-square-foot building at 3255 Fourth Ave. that have both been used as commercial offices.
The two buildings will temporarily be placed in a storage yard before being returned and incorporated into the project. Yanicelli said both buildings were constructed in 1927 -- the year Charles Lindbergh crossed the Atlantic.
The restored buildings will house two apartment units in the larger 3255 Fourth structure and one in the 3235 Fourth Ave. building.
El Cajon-based John Hansen House Moving has been hired to move the two buildings.
“The buildings we’re preserving are going to be put back and restored to their original state,” Yanicelli said. “The main things with this property are logistics issues.”
The building at 403 Thorn St. is being demolished to make way for the development. While this 5,950-square-foot building was reportedly constructed in 1934 and rehabilitated in 1954, Yanicelli said it is not considered to be historic.
Alliance is is proposing to build studios, one- and two-bedroom floor plans ranging from 600 to 1,650 square feet at Broadstone Balboa. Amenities will include a swimming pool, spa, cabanas, valet, concierge services, storage, an exercise room, a community room with kitchen and other features.
The developer acquired the Bankers Hill site in March 2011 from a partnership controlled by La Jolla Pacific Development Group for $7.04 million.
The architectural team for Broadstone Balboa includes Carrier Johnson + Culture, and historic preservation specialists San Diego-based John Eisenhart of Union Architects and Tim Martin with Carlsbad-based Martin Architecture.
An earlier five-story proposal by the previous owner was rejected by the San Diego City Planning Commission in 2010 because it was expected to overwhelm the site. Yanicelli is confident a redesigned project will eliminate the concern.
If all goes as Yanicelli hopes, Broadstone Balboa could be completed within the next couple of years.
Broadstone Little Italy is a six-story, 201-unit project at Kettner and Grape streets on 1.4 acres in the colorful downtown community.
The Little Italy project, which also will feature 9,000 square feet of retail space, is expected to be completed in December of this year.
A unit of Alliance Residential, Alliance Residential Builders, acts as the general contractor on all of the company’s projects.