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Bayfront site near Shelter Island sold

The 1.65-acre, bayfront property at 1271-1273 Scott St. and 2810 Carleton St. overlooking Shelter Island has been sold for $6.6 million, and will be developed as luxury housing.

The buyer was CR Point Loma Town Homes LLC -- a unit of San Diego-based, 35-year-old homebuilder ColRich, 4747 Morena Blvd., Suite 100, San Diego -- and The Resmark Companies. Graeme Gabriel is the chief officer of Colrich.

The seller of the property (assessor's parcels 531-353ó01, 02 and 03) was Hotel Majestic LLC, a Kennedy Wilson entity. The seller acquired the property in October in a trustee's sale. The bid was $4 million on unpaid debt and costs of $10,125,000 from July 2007.

The buyer was represented by David Santistevan and Gunder Creager, of Colliers International.

The planned community will include 36 one- and two-story residential townhomes and condominiums, six street-level commercial condominiums, four live/work commercial spaces and one level of subterranean parking.

The residential segments will consist of seven two-bedroom and 29 three-bedroom units from 1,350 to 2,400 square feet, totaling 64,579 square feet.

Fourteen residential units and the four live/work spaces will be located on the bayfront.

Commercial and live/work units will total about 18,303 square feet. Ground will be broken in mid-2013.

The project was approved in 2008 and has received a site development permit, tentative map, general plan amendment, coastal commission approval and a coastal development permit.

Resmark will provide joint venture equity, while California Bank & Trust will be the senior lender on the project.

The bank provided construction financing of $19.87 million on the transaction.

The property at 1271 Scott and 2810 Carelton was sold in November 2003 for $5 million, with financing of $4.3 million. The property at 1273 Scott was sold in May 2004 for $700,000, with financing of $500,000.

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