Bosa’s Buys Puts it in Position Downtown
San Diego – Downtown San Diego’s residential condominium boom of the early 2000s is not expected to make a comeback anytime soon. But Bosa Development, a prolific producer during that period, appears to be gearing up for the next wave.
Between 2000 and 2008, the Vancouver, B.C.-based company, led by President Nat Bosa, completed seven downtown condo projects with a total of nine towers, containing nearly 1,700 for-sale units.
It is currently building Pacific Gate, a 41-story, 215-unit luxury tower at Pacific Highway and Broadway – set for completion in 2017, with unit prices starting at $1.4 million – with plans in the works for a twin or similar tower at a nearby site in the same corridor.
The company now appears to be setting the stage for more downtown residential projects, spurred by recent demographic shifts showing retirees, other empty-nest baby boomers and 35-and-under millennials increasingly looking to live and work in active urban-core markets.
Since December, according to CoStar Group and public data, Bosa has completed at least five downtown property acquisitions, totaling more than $132 million. Most of those sites currently contain nonresidential buildings that eventually would need to be cleared away or renovated to accommodate new condos and related elements, provided required city approvals are also obtained.
Most recently, Bosa acquired the 18,056-square-foot retail property at 1002 Market St. in East Village, which currently houses Grocery Outlet. The property, built in 1986 and renovated in 2008, was sold by Zephyr Partners of Encinitas.
That deal, which closed on March 1, followed closely behind Bosa’s late February purchase of a four-building downtown commercial portfolio in East Village for $10.5 million, from Cove & Sea Realty of Palm Desert. The buildings total 24,352 square feet and included a 1920-built office property at 1009 G St., a 1920-built manufacturing property at 1015 G. St., an auto repair building at 1055 G St. and a 12-unit apartment building at 650 11th Ave.
Those acquisitions followed Bosa’s February purchase of downtown’s Five Thirty B office tower for $53.2 million; its December acquisition of a downtown Shell station property for $8.5 million; and its December purchase of Zephyr Partners’ full-block site for a planned mixed-use development known as The Block, for $33 million.
Bosa has not announced formal plans for most of the acquired sites, though it will likely be following through on the already-approved Block project that it acquired from Zephyr Partners.