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Woolworth Building Rehab Cost to Rise?
A 15,600-square-foot property at 3067 University Avenue was built in 1949 by F.W. Woolworth Company. Last year, the city purchased the long-empty building for $1,950,000 for redevelopment.
North Park Gateway, LLC, was selected to work on the project. The proposal includes 6225 square feet of commercial space on the ground floor and six two-bedroom apartments on the second floor.
The North Park Project Area Committee is an advisory group to the San Diego Redevelopment Agency. The North Park committee’s chairperson (who asked to remain anonymous) emailed me June 21. According to the chairperson, the committee received a project estimate of $2.4 million from North Park Gateway at its June 14 meeting. Since then, the developer has requested an additional $100,000 in subsidy funds.
The developer previously paid a $25,000 non-refundable deposit. The North Park committee requested a “full pro-forma” from the developer prior to holding its July 12 meeting.
Michael Lengyel, area project manager for the Redevelopment Agency, did not respond to my request for input.
The former Woolworth's building is not currently designated historic. In their proposal request, staff stated the structure “has the potential to qualify as a historical building as defined under the City of San Diego Municipal Code.” The planned project would include renovation of the existing facade, LEED (Leadership in Energy and Environmental Design) certification, as well as skylights and streetscape/sidewalk improvements.
Here's something you might be interested in.
Woolworth Building Rehab Cost to Rise?
Woolworth Building Rehab Cost to Rise?
A 15,600-square-foot property at 3067 University Avenue was built in 1949 by F.W. Woolworth Company. Last year, the city purchased the long-empty building for $1,950,000 for redevelopment.
North Park Gateway, LLC, was selected to work on the project. The proposal includes 6225 square feet of commercial space on the ground floor and six two-bedroom apartments on the second floor.
The North Park Project Area Committee is an advisory group to the San Diego Redevelopment Agency. The North Park committee’s chairperson (who asked to remain anonymous) emailed me June 21. According to the chairperson, the committee received a project estimate of $2.4 million from North Park Gateway at its June 14 meeting. Since then, the developer has requested an additional $100,000 in subsidy funds.
The developer previously paid a $25,000 non-refundable deposit. The North Park committee requested a “full pro-forma” from the developer prior to holding its July 12 meeting.
Michael Lengyel, area project manager for the Redevelopment Agency, did not respond to my request for input.
The former Woolworth's building is not currently designated historic. In their proposal request, staff stated the structure “has the potential to qualify as a historical building as defined under the City of San Diego Municipal Code.” The planned project would include renovation of the existing facade, LEED (Leadership in Energy and Environmental Design) certification, as well as skylights and streetscape/sidewalk improvements.
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