Lennar Multifamily Communities LLC has acquired a site in downtown San Diego’s Little Italy for $12.8 million, with plans to develop a high-rise apartment project, according to brokerage company Colliers International.
San Diego-based Chhatrala 520 Ash St. LLC was the seller of the property at 520 W. Ash St. and 1446 Columbia St. The buyer was represented by Colliers’ Victor Krebs in an off-market transaction.
Brokers said Lennar plans to develop an upscale 220-unit apartment project with 5,000 square feet of retail space.
Civic San Diego, the city’s downtown project oversight agency, recently approved the 24-story project, which was designed by architecture firm Carrier Johnson + Culture. A construction timeline has not been announced, but plans call for demolishing two existing commercial buildings on the site.