The premier investment management and development firm, CityView, is partnering with San Diego-based CityMark Development, for the construction of the AV8 Apartment Community project.
"We are pleased to have partnered with CityMark on the development of AV8," said Tony Cardoza, managing director of CityView. "CityMark has a reputation for creating landmark residential buildings in metro San Diego that seamlessly blend new developments with historic landmarks. This philosophy matches well with our own mandate, which makes CityMark and CityView ideal partners."
The six-storey building project is located in the Little Italy neighborhood of San Diego. The equity capital for the project will be provided by CityView's Southern California Fund II.
"The AV8 project is a prime example of how CityView successfully deploys capital through developers with highly specialized, local market expertise," said Sean Burton, chief executive officer of CityView. "Little Italy is one of the hottest areas in San Diego which perfectly aligns with our focus on urban multifamily developments that are right next to jobs, transportation and entertainment."
According to the press release of CityView in Business Wire, the proposed AV8 building will feature 129 residential units, 7,600 square feet of retail space, and 2.5 levels of subterranean parking in the 30,000 square-foot site located at 2101-2175 Kettner Blvd., between Ivy and Hawthorn Streets.
"This development is an ideal urban infill site in the heart of San Diego's Little Italy, a submarket with an attractive blend of culture, arts, shopping and fine dining," said Rich Gustafson, president of CityMark. "We could not be more excited to partner with CityView in this endeavor and create a development that we believe will only strengthen this already vibrant community."
Tanner Hecht Architecture and Van Tilburg, Banvard & Soderbergh will be the project's architects. The AV8 Apartment Community project is scheduled for groundbreaking in early 2016, and is expected to be complete by Spring of 2017.
