ColRich Communities, a downtown San Diego-based residential developer, has broken ground on Vue on 5th, a seven-story, 45-unit luxury condominium at Fifth Avenue and Nutmeg Street in the Bankers Hill neighborhood.
Construction got underway June and presales will begin offsite in spring 2015.
The first move-ins are anticipated in late 2015 with prices starting in the high $600,000's, according to Graeme Gabriel, chief operating officer.
The Vue will consist of 40 one-story residences and five two-story penthouse units. Residence floor plans will range from approximately 1,300 to 3,200 square feet, with two to three bedrooms and two to three and one-half baths.
Headquartered in San Diego, ColRich is a multi-generational, family-run 35-year-old homebuilder focusing on innovative communities.
Earlier this year, Fifth & Nutmeg, c/o ColRich Communities, acquired the 20,000-square-foot Vue site for $5.33 million, financed by a $2.7 million California Bank & Trust loan. The seller was the Cathedral Church of St. Paul. The church acquired the property in December 2000 for $497,500, and entered into a purchase and sale agreement with Sare Investments LLC, Graeme Gabriel manager.