The first of two residential towers at 15th and Island was recently topped off in the East Village. At 479 feet tall, it will become San Diego’s tallest residential tower and fourth tallest overall building.
It’s hard to miss the 45-story tower while traveling around Downtown. Between both towers, the development is expected to contain 956 residential units, including 72 affordable units.
Construction on Tower 2 should begin in 2015.
The entire development was previously approved to include 17,127 square feet of commercial space, including 4,157 square feet in this first phase currently under construction.
However, developer Pinnacle International recently applied for alternative interim uses for the commercial space in Tower 1, claiming that commercial leases would not be economically viable for some years.
Those alternative uses probably include leasing the parcels as office space for the first few years, until development ramps up in this part of the East Village.
Plans for additional commercial space in Tower 2 will remain in place for now, as the developer believes the neighborhood will be ready by the time it opens.
The developer cited a retail market study conducted earlier in 2014, which found that recent retail leases in the East Village included significant discounts and incentives from landlords. For example, LA-based Cafe Primo is said to have received 22 months of free rent for its 5,469-square-foot space at 13th and Market, plus a $820,000 subsidy from the landlord to build out the space.
Stella Public House and Halcyon, which recently opened to favorable reviews on the northwest corner of the development, was cited as a similar example. Here, the landlord provided an $80,000 subsidy to build out the space, as well as a year of free rent. That’s intended to allow the dual restaurants to gain a following and anchor the upcoming park on the same block.
San Diego Magazine offered a great first look at the beautiful interior last month. Once the park is complete, that patio might just be the perfect spot to enjoy a cocktail.
Landscape architecture firm Spurlock Poirier has several renderings of the unnamed 14th and Island park on its website.
While digging around the firm’s website, we learned that the park is actually being built on a fault line that runs through the block. The land is pretty much unbuildable for anything else, which is good news for the neighborhood. The green space will be a wonderful addition to the East Village.
In the coming months, we’ll be watching as the finishing touches are made on one of San Diego’s biggest new buildings.