As a local realtor, I’m always keeping an eye on what’s happening in the San Diego real estate market. And recently, there’s been some exciting news regarding the Costa Verde Center, the shuttered shopping center just across from Westfield UTC.
According to San Diego Union-Tribune, Alexandria Real Estate Equities, a life science real estate developer, is retooling its redevelopment plan for the Costa Verde Center. This is due to the recently adopted community plan which allows for high-density housing on the 13.9-acre site.
The developer, who previously scrapped its former plan, is currently working on a new vision for the property. This new plan is expected to be released at the end of the year. The plan is designed to take advantage of the opportunities presented by the new community plan.
The new community plan designates the Costa Verde property as a mixed-use, “urban village” site. This allows for up to 218 residential units per acre, as well as office and retail uses. The property is located at the terminus of the UC San Diego Blue Line, with an elevated platform connecting to Westfield UTC and the Costa Verde site.
The rezoning is directly linked to the property’s proximity to the trolley station. The plan states that the highest density urban village designations are centered around the Executive Drive and UTC Trolley stations.
As a realtor, I’m excited about the potential of this site, which will undoubtedly become a vibrant hub for the community. I look forward to seeing what Alexandria comes up with.
If you are interested in learning more about the current market or are looking for assistance with buying or selling a home in the San Diego area, please contact me at https://robertluiswallace.com/services/. I’d be happy to discuss your needs and help you achieve your real estate goals.
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