Downtown condominiums may not be filling as quickly as developers would like, but it's not going to cause Nat Bosa to lose any sleep.
"The market has been a little slow due to the subprime mortgage situation," Bosa said. "Things are starting to open up now."
Bosa, president of Vancouver, B.C.-based Bosa Development, who has developed thousands of high-rise condo units downtown, said the 178-unit, 23-story Legend development was completed toward the end of the summer. While more than 100 units had been pre-reserved at the time of its completion, sales have been somewhat sluggish since then. Bosa is confident they will pick up shortly.
In the meantime, he said he is close to signing a restaurant tenant that will bring the ground-floor retail portion of The Legend to 70 percent leased. The Legend includes 26,000 square feet of retail space.
The Active Ride Shop, a retailer offering footwear, apparel, skate goods and accessories, signed a 10-year, $2.87 million lease for 6,584 square feet of the ground-floor space earlier this year.
The Legend's floor plans range from about 900 to 1,300 square feet. Most are two-bedroom units and priced from $550,000 to $1.1 million.
Amenities include a second-floor rooftop deck overlooking Park at the Park replete with pool and spa, a fully equipped fitness room, steam, sauna and change rooms. The seventh-floor social lounge, which opens out onto a 3,200-square-foot rooftop deck with fireplace and barbecue area, also overlooks the Park at the Park.
The Legend is just one small piece of Bosa's empire here. Bosa has nearly 1,400 units either under construction or in the planning stages, in addition to his thousands already here.
Bosa expects to have his 248-unit Electra development completed by the end of the year. Those units have been pre-sold since midsummer.
Electra, which is being constructed on the site of an old San Diego Gas & Electric power plant, has one- to three-bedroom units that range from about 1,000 to 1,900 square feet and priced from about $500,000 to $2.5 million.
Interest has yet to peak at the 232-unit Bayside at the Embarcadero at Pacific Highway and Ash Street abutting Little Italy, but then it isn't slated to be completed until the end of 2009.
Bayside has two- to four-bedroom floor plans ranging from 1,000 to 3,500 square feet, priced from $750,000 to $5 million.
Bosa had planned to develop a project at Broadway and Pacific Highway, but when the Centre City Development Corp. indicated it would prefer an office tower on site, Bosa elected to sell the parcel to The Irvine Co. a few months ago.
At Pacific Highway and E Street, on the site of an old Office Depot, Bosa is planning a 265-unit condominium project with two- to four-bedroom floor plans ranging from 1,000 to 3,500 square feet.
Another Bosa long-range endeavor will develop 285 units on what is known as "Lot 5" at Kettner and Ash streets. The floor plans will range from about 800 to 2,700 square feet and the project will include retail on the ground floor. Construction is expected to get under way in 2009.
Bosa also plans to develop 175 units on a site at First and J streets, where KUSI television had intended to develop a studio along with other uses. Now it seems this site will have a residential tower with retail on the ground floor without the television studio.
"We're planning to start on that site in about two years," Bosa said.
On a parcel known as "Lot 9" at Broadway and Pacific Highway, west of Electra, residential and retail is also planned, but additional details are still being determined.
Finally, Bosa hopes to transform a Five Star parking lot at Eighth and B streets into another major residential project, perhaps with retail on the ground floor.
Under Bosa's leadership, and backed by his 35 years of development experience, the firm has delivered about 25,000 residential units in the United States and Canada.