Welcome to San Diego Blog | November 22, 2019
New 300 Room Hotel in The Columbia District
Plans for Two America Plaza in downtown San Diego include 301 … mixed-use project with 301 hotel rooms in downtown San Diego, the latest of several projects in the works for an area near downtown’s historic Santa Fe Depot train station. Recently approved new $80 million mixed-use development Wednesday near the Santa Fe Depot and in the shadow of San Diego’s tallest building.
The location is considered ideal because it is close to transit, in the heart of downtown and about 1,400 feet from the waterfront. It will take the place of a parking lot just north of 500-foot tall One America Plaza, San Diego’s tallest building, on B Street bounded by Kettner Boulevard and India Street. No low-income housing is planned for the project, with Crown Invest planning to pay $675,233 in fees instead. Blueprints show 15 one-bedroom condos averaging 918 square feet and 33 two-bedroom condos averaging 1,101 square feet. Hotel rooms will be on floors three through nine, while condos will be on floors 10 through 13.
Two America Plaza will also include meeting and ballrooms, outdoor common space, gym, and rooftop pool deck. The amenities will be shared with hotel guests and residents. There is already a four-level subterranean parking garage near the site that will handle much of the parking, but there will also be a valet system set up for arriving guests. Much of the retail space will be along the C Street corridor across from the MTS Trolley Station, and the hotel lobby will be located on Kettner Boulevard. A blank wall on the building, a major pet peeve of downtown planners, will be turned into a painting or mural. Smart home buyers know every purchase transaction is an investment opportunity as long as certain advantages are present. Here are a few reasons urban penthouses, condos, and lofts in downtown San Diego are great investments.
Existing Condo Buildings Lose Views
While this new development adds some amenities to the neighborhood, homeowners at buildings like Treo and The Grande South in the Columbia District will have some impacted views. As an example, owners on the south side of the Treo Condos building below floors 15 will lose views towards One America Plaza. Owners at The Grande South will also have some loss of views towards the east.
Real estate can also be a form of investment. Unlike other purchases, such as vehicles, it’s fairly common for the value of real estate to rise over time. If you buy a home in a market with a high growth forecast, you could end up making a hefty profit when you decide to sell. This is especially true for hot properties such as downtown San Diego, but just about any property can increase in value if you hold on to it long enough.
San Diego Is Always in Demand
Job growth in San Diego has been higher than the national average over the last few years, particularly in the technology sector, and this trend is expected to continue thanks to economic initiatives such as the Guadalajara-San Diego tech corridor. People will continue to relocate here as long as there are lucrative business and employment opportunities, and they’re more likely to consider moving into downtown condos because they offer greater convenience. When you look at the costs of maintaining single-family homes in gated communities managed under homeowners association regimes, a nice condo or loft makes more financial sense. If you intend to buy a property and sell it for a profit later, you won’t have to worry about downtown San Diego running out of buyers.
San Diego has one of the lowest crime rates in the nation, and many condominiums offer greater security in terms of guards posted at entrances, surveillance systems, alarms, and underground parking garages that are frequently patrolled.