San Diego's downtown district gets a boost in real estate development as its population seeks a cheaper and healthier way to go to work -- by walking.
In a report by The Wall Street Journal, a condominium building rising 41 stories high is currently being constructed and it will target the luxury segment of the real estate market of San Diego, California. The high-rise will have a screening room and a swimming pool plus a luxurious boat-share program. The condo will house 215 units and each one will reportedly have a price tag of $1.4 million. It sits right in the heart of downtown San Diego which was not be a feasible plan in the past because of the questionable history of the area. However, the average selling price of properties in the neighborhood was recorded at $741,500 in 2015, which is a sign that San Diego's center is coming alive again.
The city is known for gated communities and suburban homes due to the shady reputation of downtown San Diego but all that is fast becoming history. Skyscrapers are being built and will soon be a familiar figure in the skyline while more high-end restaurants have opened in many downtown locations. According to Brad Termini, co-CEO of Zephyr, a luxury housing developer, would-be homeowners are looking to save on their time of commute and would rather have the facilities they need within walking distance from their homes.
Meanwhile, in a post by The San Diego Union Tribune, a big part of the revival that is seen in downtown San Diego is the city's efforts to quash homelessness. The San Diego Housing Commission along with the city local government has approved a three-year plan to deal with the problem of lack of homes. The goal of the plan is to move about 1,500 homeless people into permanent homes that will be allotted $30 million to construct.