Nearly 200 New Units Set for Area Near North Park

Nearly 200 New Units Set for the North Park Area of San Diego

Crews are set to break ground this month on a $74.4 million project that will bring 190 new housing units to North Park and University Heights.

The seven-story mid-rise building is expected to take two years to complete.

“We are thrilled to bring our distinct brand of apartments to one of the best submarkets on the West Coast,” said Will Murphy, managing partner and CEO of CEDARst, the developer. “We believe our high-quality and fairly priced apartments will be a fantastic new option for residents of these historic neighborhoods.”

Plans for 4135 Park Blvd. include a café, fitness center, lounge, game room and exterior deck with a pool, hot tub, cabanas and communal kitchen.

The new development is one of several CEDARst properties under contract in the region

“We’re excited to work in such a dynamic community and look forward to expanding our footprint here in San Diego in the months and years ahead,” Murphy said.

Bridge Investment Group is an equity partner in the 205,000 square-foot project. BMO Harris Bank is the project lender. Construction will be managed by general contractor Suffolk Construction, and the project’s architect is Studio E.

“We are pleased to continue our partnership with CEDARst in a market like San Diego,” said David Coelho, Chief Investment Officer of Bridge Investment Group’s Opportunity Zone Funds. “The project fits well within Bridge’s mandate to focus on multi-family, transit-oriented developments as an avenue to revitalize underserved communities by investing in building sustainable neighborhoods.”

Opportunity zone projects, according to the IRS, offer tax incentives for spurring economic development and job creation in low-income communities and neighboring areas.

Nationally, CEDARst has a growing portfolio of residential projects, spanning seven states with a unit count of more than 5,000.


Keep Reading

The location in the landmark Bridgeview Bank building will be the co-working giant's first on the city's North Side and a rare deal in a residential property.

Nearly 200 New Units Set for the North Park Area of San Diego

Nearly 200 New Units Set for the North Park Area of San Diego

The partners will target urban infill development opportunities for a portfolio valued at $1 billion.

Yesterday, hundreds of commercial real estate professionals tuned in for the first annual IREJ Real Estate Awards. The event also honored the career of Jim McShane with a Lifetime Achievement Award.

CEDARst Companies has completed the acquisition of two adjoining historic properties and a land site in the North Loop section of Minneapolis and ultimately will redevelop the property as 6th and 3rd, a 345-unit, fully-amenitized multifamily complex.

Why the windy city’s developers suddenly love Minnesota

A Chicago-based developer is bringing units to the city that has attracted a fully of new construction.

CEDARst Cos. has secured an $81.7 million Fannie Mae loan to refinance The Draper, a 342-unit apartment complex in Chicago's Uptown neighborhood.

Cedar Street has scored nearly $75 million in debt financing for a 342-unit office-to-apartments conversion in Uptown, one of several multifamily projects in the Chicago developer’s construction pipeline.

Some apartment communities are built from the ground up, and others are fashioned from existing structures. The Ardus, which recently opened in River North, is both — but it’s hard to tell by looking.

Time was, looking at brand-new apartment buildings meant managing your expectations. Sure, you might get a bright, fresh apartment with new appliances, a party room and an in-house fitness center.

Apartment dwellers have begun moving in above Miller’s Pub downtown, continuing a makeover of a drab stretch of Wabash Avenue beneath elevated trains.

The two-year transformation of Uptown’s former Combined Insurance building into a new striking apartment development known as the Draper is nearly complete.

A Chicago apartment developer has broken ground on a $65 million project just north of Pilsen, using a financing tool that’s popular in other big cities but has yet to catch on here.

A vintage office building just steps from the buzz of State Street has been transformed into 176 chic urban apartments in the River North neighborhood.

The 260 units, all studios and one-bedrooms, are positioned as a lower-priced alternative to the increasingly luxury-priced housing options in the neighborhood.

A Chicago developer paid more than $21 million this week for a pair of warehouses that will become part of a historic rehab project in the North Loop neighborhood of Minneapolis.

A vintage office building just steps from the buzz of State Street has been transformed into 176 chic urban apartments.