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Point Loma Bayfront Redevelopment Site Sold for $6.6M

Townhouse, Commercial Condos Planned for Former Kettenburg Marine & Boatworks
January 31, 2013
Colrich, a multifamily developer based in San Diego, has purchased 1.65 acres of redevelopment land on Scott Street between Carlton and Dickens, directly on the San Diego bayfront in the Point Loma neighborhood for $6.6 million.

The land is the former site of the Kettenburg Marine & Boatworks, which reportedly had occupied the property for 65 years.

Colrich plans to redevelop the land in conjunction with Resmark Land and Housing. The new development will include 36 residential townhomes, six street-level commercial condominiums, four live/work commercial units and one level of subterranean parking. 14 of the residential townhomes and the four live/work units will face the bay.

The project was approved in 2008 and has received a site development permit, tentative map, general plan amendment, coastal commission approval, and coastal development permit. Ground break date on the new project is scheduled for mid-2013. Demolition will start in February at Colrich's expense.

"We look forward to bringing our expertise in architecture and luxury design to the historical village of Point Loma. We will work hard to complement the area's intimate neighborhood feel, pedestrian-friendly lifestyle and idyllic waterfront location," said Graeme Gabriel, COO of ColRich.

David Santistevan and Gunder Creager of Colliers International in San Diego represented ColRich in the sale, and will market the project. Hotel Majestic, a Kennedy-Wilson entity, was the seller.

For further information on the transaction, please reference CoStar COMPS #2655181.
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