Union & Ash, a redevelopment site in San Diego's Little Italy consisting of 27,611 square feet of land (property addresses are 210 & 232 West Ash Street, and 1400 & 1430 Front Street) was marketed and sold by Doug Ceresia, CCIM, SIOR, Josh Buchholz and Matt Midura of NAI San Diego, for a total purchase price of $15,200,000.
The sale consisted of two separate transactions. One was for the purchase of 210 West Ash Street, and 1400 & 1430 Front Street for $6,946,895, which have been owned by B B Ash Street Associates since the 1970s.
The other was for the purchase of 232 West Ash Street for $8,258,160, which was owned by Wells Fargo Bank, as Trustee for Ames Trusts and Ash Street LLC, who have owned 232 West Ash since the 1920s.
Union & Ash is zoned CCPD - RE (Centre City Planned District - Residential Emphasis), which allows for a potential residential redevelopment of the site.
A preliminary architectural site study, performed by Joseph Wong and Chris Fassler with JWDA suggests that Union & Ash may provide for an approximate 260-unit Multi-Family tower.
Union & Ash offers an exciting opportunity to develop an iconic project in Little Italy at a time when the area is experiencing vast growth. Available development opportunities of this size in Little Italy are extremely rare.
Jim Hamilton with CityWest Advisors represented the buyer. The buyer is in process of entitling the site however there is no definitive development time-frame in place.
The Union & Ash site currently consists of one parking lot and three single-story office buildings. Aladdin Bail Bonds is a tenant in 1400 Front Street. The other commercial buildings at 210 & 232 West Ash Street have been occupied by the San Diego County Office of Education since 1996.