The recent sale of a vacant office property in San Diego’s downtown district could signify new development in the area. According to industry reports, J Street Space acquired the 386,00 square foot Tower 180 for $61 million, or about $158 per square foot, and have announced plans to redevelop the site with a mix of residential, hospitality and retail space.
Tower 180 is located at 180 Broadway in San Diego and features a 25-story edifice complemented by an eight-story mid-rise annex. The property is also home to a nine-story, 73,000 square foot parking garage.
J Street plans to convert the buildings with a mix of hotel, residential and retail space, which would be completed by mid-2026.
Originally erected as the United States National Bank Building in 1963 and expanded with the annex in 1973, Tower 180 has witnessed shifts in ownership, with the most recent exchange occurring in June 2016. At that time, the property was acquired by an entity that shares an address with GEM Realty Capital.
Based in San Diego, J Street Space boasts a rich portfolio of hotel constructions and renovations across the city. This includes ventures such as the Courtyard Gaslamp, the Nolen Rooftop, Moxy Hotel Gaslamp, Room 56 Speakeasy, Hotel Z, Residence Inn Gaslamp and Pantai Inn La Jolla Cove.
