Local developer ColRich and investment firm The Resmark Co. have purchased a 1.65-acre bay front property in Point Loma, where ColRich plans to build a 40-unit luxury condominium community.

The transaction price was $6.6 million, according to brokerage firm Colliers International, which represented ColRich.

The seller of the property was Hotel Majestic LLC, an entity of Kennedy Wilson, according to a statement from San Diego-based ColRich.

ColRich plans to break ground in mid-2013 at the site on Scott Street, between Carlton and Dickens streets. The developer plans 36 residential and four live/work spaces, with retail spaces facing Scott Street and the bay.

The property is the former location of Kettenburg Marine & Boat Works, which occupied the site for 65 years.

The site fronts the shoreline Promenade at Point Loma, providing a contiguous pedestrian connector from Point Loma to downtown San Diego. ColRich CEO Graeme Gabriel said the promenade’s proximity was among several factors in the site choice.

The project was approved by the city in 2008 and has received a site development permit, plan amendments, coastal development permits and approval from the California Coastal Commission.

— SDBJ Staff Report