Top 5 Multifamily Projects Under Construction in San Diego
A single submarket 10 miles from downtown accounts for more than a third of the metro’s units underway, Yardi Matrix data shows.
San Diego’s multifamily development pipeline included almost 8,000 units under construction at the end of August, according to Yardi Matrix data, accounting for 4.5 percent of existing inventory. Even as California remains one of the hardest-hit states amid the coronavirus pandemic, the metro’s developers are moving forward, adapting to strict social distancing and safety guidelines on project sites.
More than one-third of the metro’s multifamily construction activity is concentrated in the Kearny Mesa submarket, just under 10 miles north of the city center. Although the area has already seen notable development in the past decade, a community growth blueprint released by the city in August could lead to a drastic increase in residential and mixed-use developments, according to The San Diego Union-Tribune.
The list below highlights the five largest multifamily projects underway in San Diego, based on data from Yardi Matrix.
5. Vive Lux
Sunroad Enterprises’ 442-unit Vive Lux project in Kearny Mesa kicked off vertical construction in April, about one year after site work started. Pacific Coast Capital Partners is backing the development with $145 million in construction financing. Upon completion, anticipated in early 2022, the building will encompass five stories of apartments—including 23 affordable units—above three parking levels. The property’s amenity mix will include a rooftop deck, a fitness center, a wine room, conference space and a pet grooming center. Wermers Cos. is the general contractor for the Gensler-designed development.
4. LUX UTC Phase II
The second phase of Garden Communities’ LUX UTC project began in mid-2019, approximately six months after the developer’s first, 115-unit tower opened its doors. Located at the eastern edge of the University of California, San Diego’s campus, the luxury development is across the street from Westfield’s 1.1 million-square-foot, open-air UTC shopping mall. Amenities at the 445-unit community will include a rooftop swimming pool, coworking space, a club lounge and a car care station.
3. The Block
Following a number of condo deliveries, Canadian developer Bosa Development is at work on its first rental community in San Diego. The Block, located at 710 Broadway in the East Village, broke ground in late 2018 and will deliver its 617 units toward the end of the year. Otéra Capital is financing the project with a $213 million construction loan. The luxury property’s two towers—designed by Joseph Wong Design Associates—will rise 21 and 41 stories and offer a range of amenities including a rooftop terrace, a swimming pool and subterranean parking.
2. 11th & Broadway
Three blocks east of The Block, Pinnacle International’s 618-unit 11th & Broadway is the largest development underway in San Diego’s East Village neighborhood. The 31-story property, slated for completion in late 2022, will have 49 affordable units, an 11,361-square-foot retail component and an underground parking garage. Planned amenities include a rooftop terrace and a swimming pool. Martinez + Cutri Corp. Architects, Glotman Simpson and Garbini & Garbini make up the project team.
1. Town & Country
The 840-unit Town & Country is San Diego’s largest multifamily property underway. A joint venture between Holland Partners and North America Sekisui House broke ground on the $500 million project near Fashion Valley Road at Mission Valley Freeway in summer 2019, within the Town & Country Resort master-planned development. Plans call for four seven-story buildings and an amenity mix that includes three swimming pools, a clubhouse and a fitness center. The first units are slated for delivery in mid-2021.
Yardi Matrix covers all multifamily properties of 50-plus units in size across 133 markets in the United States. This ranking reflects properties under construction within that sample group.