San Diego Business Journal

Mixed-use Condo Project Planned on Bankers Hill Land Acquired for $5.3 Million

By Lou Hirsh Monday, March 3, 2014
Rendering courtesy of Colliers International

Rendering courtesy of Colliers International

CR Fifth & Nutmeg, in care of San Diego-based developer Colrich, has purchased a Bankers Hill land parcel for approximately $5.3 million, with plans to develop an upscale mixed-use condominium project.

The seller of the property, at 2665 Fifth Ave. near Nutmeg Street, was Nutmeg & Olive LLC, in care of The Cathedral Church of St. Paul, according to brokerage services company Colliers International. The buyer plans to build 45 luxury condos with 7,500 square feet of retail at the site.

Colliers Senior Vice President Victor Krebs, who handled the transaction, said condo developers generally have been scouting for sites in high-end local markets including Bankers Hill, downtown and La Jolla recently.