G.H. Palmer said it will begin grading and land development work in May 2020 with vertical construction beginning in March 2021, concluding in 2023.
The site is also approved for 37,500 sq. ft. of commercial or office space and five acres for neighborhood parks. It will take the place of a towing company and other light industrial businesses.
The sellers of the property were a Texas-based partnership called GG 7600 and Ramona-based Shawnee Properties. The project was previously called “Riverbend” and was approved by the city council in October 2012. City News Service reported then that some neighbors opposed the project because of traffic concerns, but city council members saw the project as a way to fix up a blighted area.
G.H. Palmer chief investment officer Steven G. Fink said the company had been looking for an opportunity to enter the San Diego market for years.