The La Jolla Music Society has paid $9,825,000 for a property comprising the even-numbered side of the 7600 block of Fay Avenue.
The organization plans to develop a $40 million, 500-seat concert hall on the property, and hopes to get underway next year, with completion tentatively slated for sometime in 2017.
The plan will need approval of the San Diego City Council and the California Coastal Commission.
The plan isn't universally loved, however. Some tenants who have already received eviction notices have announced they are planning to go to court if necessary to fight to remain in place.
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