After receiving full entitlements from the City of San Diego, a mixed-use development site along La Jolla Boulevard has been placed on the market. Currently the site of the former Su Casa Restaurant, the property is being listed for $12 million.
The 0.51-acre project site is located at 6738 La Jolla Boulevard and has been owned by the restaurant owner Su Casa Properties since 1968, before closing its doors in 2019. Prior to closing the restaurant, redevelopment plans for the restaurant were approved by the City in 2017.
According to the listing by Coldwell Banker Commercial West, the approved project would allow a buyer to redevelop the property with 16 residential units and 3,000 square feet of retail space.
Designs for the project were completed by San Diego-based Marengo Morton Architects and would include three buildings totaling 28,884 square feet. The first building would reach three stories and would consist of six two-bedroom units. A second two-story building would also have six-two bedroom units, while the third would include four one-bedroom units as well as the planned retail space. An underground parking garage would also include 37 parking spaces.
The property is situated just a short walk from the Windansea Beach and in close proximity to a number of hospitality and retail assets in the Village of La Jolla. According to the listing, the area is also home to strong demographics with 18,298 residents living within a three-mile radius of the property. On average, household incomes within a three-mile radius reach $141,634.
Overall, San Diego maintains a highly active multifamily market, with growing rents and low vacancy rates. According to a recent fourth quarter multifamily market report from CBRE, San Diego apartment rents grew by 5.4 percent quarter-over-quarter to $2,441 per month. At the same time, multifamily vacancy quarter-over-quarter from 1.6 percent to 1.3 percent.
