SAN DIEGO--(BUSINESS WIRE)--San Diego-based real estate development and investment company Zephyr Pa...

1. Zephyr Partners Acquires Downtown San Diego City Block
SAN DIEGO--(BUSINESS WIRE)--San Diego-based real estate development and investment company
Zephyr Partners has announced the $21.1 million off-market acquisition of one of the last remaining
full blocks of available property in downtown San Diego - a 60,000-square-foot site on Broadway
between 7th Ave. and 8th Ave.
The existing property, consisting of rundown and underutilized retail, parking and office space, will
be demolished to make way for a mixed-use retail and residential community, designed to help
extend downtown's core and revitalize the land between the Gaslamp Quarter and Financial District.
According to Zephyr's Co-CEO Brad Termini, the property was a compelling buy on many levels.
"This transaction offered a rare opportunity to acquire property in urban San Diego," said Termini.
"The site spans a full city block, and is one of the few remaining underdeveloped areas in
downtown's core. After studying the layout of other major urban areas such as Los Angeles, San
Francisco and Seattle, we think this project will accelerate the transformation of downtown San
Diego, as it continues to evolve into a more walkable and accessible neighborhood."
Enabling Zephyr to construct the city's first high-rise, mixed-use project since the recession, zoning
of the site allows for development up to 750,000-square-feet with plans for two 40-floor towers
housing residential, boutique hotel and retail space. Groundbreaking is slated for fourth quarter
2015.
The goal, says Termini, is to create a unique urban living and retail destination that residents, locals
and tourists will enjoy. The reinvented community will attract new downtown residents and provide
Gaslamp visitors a connection to a dynamic retail experience with a range of dining and shopping
options.
The original eight-property portfolio was built in the 1950s and had fallen into disrepair over the last
30 years, Termini said. "We are excited to further the renaissance of San Diego's downtown core,
and transform a once neglected property into a vibrant and appealing community," he said.
Termini estimates that the cost to complete the project will exceed $250 million, making it Zephyr's
biggest development and one of the largest currently planned for the downtown core. It is Zephyr's
second recently acquired condominium project, which also includes a Banker's Hill property at 2850
Sixth Ave. The company will build 60 high-end, luxury condominiums on the site, to be completed in
2015.
About Zephyr Partners
Founded in 2008, Zephyr Partners is a San Diego-based real estate development and investment
company committed to building high quality attached and detached homes, condominiums and
luxury apartments. The company, co-founded by Brad Termini and Dane Chapin with a highly
successful group of entrepreneurs working alongside them, has successfully completed and sold
developments throughout San Diego County. For more information, visit www.zephyrpartners.com.
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