Rancho Santa Fe developer Tim Foley in February finished building a North Park apartment complex on a site that required moving an existing house to another location and renovating it as a separate apartment project.
Foley said he named the North Park complex at 3779 Ray St. Asano Apartments in honor of his mother, the Japanese-American artist Kyoko Asano.
With 19 apartments in North Parks Art District, the $9.5 million project will be the first of several Foley plans to build that will carry the Asano name.
“We’re doing this in tribute to her so we did the first one in the Art District,”
A Touch of Japan
In a nod to his heritage, the five-story building has a 14-foot lantern shape at the top of the building designed to resemble a Japanese lantern. The roof lantern can be lighted in different colors.
“We didn’t want to make it really Japanese, just a little bit of Japanese flair to it,” Foley said.
All of the apartment buildings named after his mother will incorporate a Japanese lantern “in some form or fashion,” Foley said.
Keeping the development in the family, Foley said his daughter, Nicole Asano Foley, will manage the new complex.
The apartments range from about 850 square feet to about 1,400 square feet.
“We’re seeing the largest square-foot luxury apartments have a huge demand and it’s from people that are moving out of smaller apartments and need some more space,” Foley said.
There are 16 two-bedroom, two-bathroom apartments, two three-bedroom, three-bathroom apartments, and one four-bedroom, three-bathroom apartment.
All of the apartments have balconies and space for an office. Six of the top-floor apartments have lofts.
Most of the apartments also have two sets of floor-to-ceiling French windows, Foley said.
Three of the apartments are furnished for long-term rentals, targeting people who come to San Diego on business to work on projects.
Rents range from $3,200 to $3,950, Foley said.
Most of the apartments had been leased as of mid-March.
“It’s right in the center of the Art District and we have overwhelming demand on it,” Foley said.
So far, most of the tenants have come from out-of-state with Texas and Tennessee with several inquiries coming from Florida, Foley said.
“They just want to move out of Texas to San Diego,” Foley said.
The age range is roughly 28 to 50.
Moving a House
To make room for the new development, Foley had to move a 2,300 square-foot home from the Ray Street site to a property he owned at 3562 Sydney Place.
“It’s not easy moving houses these days. The traffic control alone is a nightmare,” Foley said. “The permitting is crazy too to move a house.”
At the time, Foley said the adobe-style house was only four-years-old.
“We didn’t want to crush it,” Foley said. “Although this is my smallest project, I am proud that we could not only save the house we moved but build the premier new building in the Art District.”
Foley renovated the old two-bedroom, two-bathroom house, adding a new foundation and view decks.
He built a second 1,100 square-foot, two-bedroom, two-bathroom rental home next to it on the same lot.
Including the cost of moving the old house and building a new one, the total project cost about $585,000, Foley said.
“We probably broke even on it,” Foley said.
The monthly rent for the house he moved is $3,850. The monthly rent for the new home is $2,785.