In East Village, real estate developer Capexco purchased a parking lot and two on-site homes for $9.2 million. Capexco is a North American developer based out of Calgary, Canada. Their goal is to create returns for investors while improving the communities they build in. The rumored plan for the space is a 32-story apartment building.
The lots location on the corner of 10th Avenue and E Street is roughly 20,000 square feet. It holds about 50 parking spaces.
The on-site 1035 and 1045 E Street homes were built in 1888. Civic San Diego’s Design Assistance Subcommittee will discuss their pending relocation.
The sites approval for mixed-use and multi-family residential use creates a solid starting point for Capexco. Plans, if any, have not yet received approval from San Diego’s Planning Commission.
Also, the parking lot is in a prime location. It’s near Shift, Alexan ALX, and Pinnacle on the Park – all relatively new apartment buildings. East Village is booming with new development, so it’s no surprise that Capexco seized this opportunity. They hope to build something which will truly benefit downtown San Diego.
Photo Credit: Phillip Molnar/San Diego Union-Tribune.