In a notable shift in downtown San Diego’s real estate scene, an apartment tower currently under construction is set to undergo a change, pivoting from rental units to condominiums.
The San Diego Union Tribune reported that British Columbia-based developer Bosa Development recently unveiled plans to convert the 40-story building located at 9th Avenue & B Street into a 389-unit condominium tower, marking a strategic decision driven by anticipated returns on investment and the city’s undersupply of condominiums.
Construction on the project commenced in 2022 but has experienced a temporary halt as Bosa navigates the process of obtaining new permits to accommodate the revised plans. While substantial progress has been made in securing approvals, additional permits are required for the project’s completion. Despite the alteration in course, the developer anticipates a streamlined permit acquisition process, given the project’s current stage of development.
The development’s location in East Village, a hub for new apartment constructions, coupled with a high vacancy rate, further underscores the rationale behind the shift to condominiums. The move aligns with broader trends observed in San Diego’s real estate landscape, reflecting developers’ adaptability to evolving market demands.
Bosa Development’s decision to venture into the condominium sector represents a departure from its previous focus on condominium towers in downtown San Diego. The new condo tower, bounded by B Street, Eighth Avenue, C Street, and Ninth Avenue, will also feature a park—a component of the city’s agreement with Bosa, adding to the project’s appeal and community integration.
