Mike Madriaga 12:40 p.m., May 25
Former Metro VW Site Bought By Developer
A grant deed recorded on May 10, 2011, confirmed the transfer of property at 1902 Kettner Boulevard, former home of the Metro Volkswagen dealership. The new owner of record is Broadstone Little Italy LLC, who lists a mailing address in Phoenix, AZ. The indicated new assessed value of the property is $17,000,000, $1 million less than the seller, Kettner & Grape LLC, paid in June of 2005.
The Centre City Development Corporation’s website states Broadstone Little Italy is a six story mixed-use development to be built on the site at the southwest corner of Kettner and Grape. It’s slated to house 201 units consisting of 195,308 square feet of residential rental space and 9,414 square feet of retail, in addition to 321 parking spaces. An estimated completion date has yet to be established.
Land acquisition cost was close to $298 per square foot. Ten residential units sold within ¼ mile of the development in the last 90 days have fetched an average $320/ft. Commercial properties, including office condos and retail storefronts within ½ mile, are available for purchase at $225-340/ft. and for rent at $8-9/ft.
The development’s architect, Carrier Johnson + Culture, has no information regarding the project available on their website. The firm, with offices in San Diego and Orange County, has been involved in such projects as Thomas Jefferson School of Law, the Village Walk shopping center in Eastlake, and Fenton Marketplace, housing Ikea and Costco in Mission Valley. The site also touts the firm’s involvement in redevelopment of Old Police Headquarters, a WPA-era building near Seaport Village whose “completion is expected in 2008.”
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