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.