Welcome to San Diego Blog | March 5, 2020
San Diego architect Jonathan Segal selling all properties
One of San Diego’s most celebrated native architects is promoting all seven of his properties to finance his dream of a high-rise tower in Little Italy.
Jonathan Segal, who can be a developer of his tasks, is promoting well-known properties in Hillcrest, North Park, Mission Hills, and Little Italy. The sale makes up 222 residences and 32,763 sq—Ft in a business area.
There isn’t a sale worth hooked up to the deal. However, Segal and his actual property brokers estimate it to be higher than $130 million.
Segal has averted utilizing traders on tasks since 2000, so he goals to make use of capital from the gross sales to finance the high-rise. He stated he’s two properties in Little Italy to buy however is just not able to reveal the place they’re.
His buildings are identified for distinctive designs that have been celebrated by structure teams. He has received national awards from the American Institute of Architects, the Pacific Coast Builders Convention, and Builder Journal. Since 1990, he has been concerned with additional than 20 properties with round 400 residential items.
His most recent project was The Continental apartment building on West Cedar Street in Little Italy. The project was a bet that people would pay to live in a smaller place for the chance to be in a popular neighborhood. The 42 studios averaged 380 square feet.
The Continental, also designed by Segal’s son Matthew, did not include the usual amenities of a new downtown tower — such as a pool and gym — but had no problem quickly filling up. Rent started at $1,550 a month, significantly less than most Little Italy apartments.
Segal said that his high-rise in Little Italy would likely be a pencil tower, a sort of thin constructing that has gained popularity in New York Metropolis. One of the vital well-known is 432 Park Avenue, a 1,396-foot tower overlooking Central Park. It is among the tallest residential buildings on this planet, regardless of having only 125 condos. His plans for Little Italy are smaller, anticipating a top of 220 ft.
Segal is represented in the sale by Berkadia, a Berkshire Hathaway and Jefferies Financial Group company, which is marketing the deal as a way to own rentals in some of the most desired locations in San Diego. Agents involved include Ed Rosen, John Chu, and Tyler Sinks.
Rosen said they are beginning the marketing but have already seen interest from pension funds, real estate investment trusts, and private buyers.
The sale includes:
1. The Q: Built in 2010, this Little Italy property includes 28 rentals and 8,998 square feet of commercial space. Tenants include UnderBelly and Monello.
2. The Continental: This Little Italy property was built in 2019 and included 42 rentals and 1,728 square feet of commercial space.
3. The Bungalows: Built in 1926, but remodeled in 2017, this Little Italy property includes eight residential units.
4. North Parker: Built in 2014, the North Park building has 27 units and 8,365 square feet of commercial space. Tenants include Modern Times, Influx, and Underbelly.
5. Mr. Robinson: This Hillcrest building was built in 2016. It has 34 rentals and 6,552 square feet of residential space.
6. Park & Polk: Built in 2018, the Hillcrest complex has 54 units and 3,430 square feet of commercial space.
7. The Fort: Built in 2018, this Mission Hills building has 29 rentals and 3,600 square feet of retail space.