Trammell Crow Residential (TCR) has recently broken ground on Simone, a new 36-story, 612,000-sq. ft. residential high-rise at 1401 Union St. in San Diego. The project on .06 acres downtown in the city’s Little Italy neighborhood is a joint venture between TCR, Pacific Life Insurance Company and AAA Management, the latter represented by brokerage Cushman & Wakefield.
Building permit data from the City of San Diego indicates a project construction value of $86.4 million.
The general contractor is Swinerton Builders.
“We have continued to see healthy capital interest in San Diego, despite the pandemic, and with investor sentiment for development projects remaining strong due to the long development timelines,” said Kevin Nolen, representing the broker. “There have also been several stabilized multifamily sales in the area that have led to clarity on the exit pricing for developers.”
The site is bounded by Union, Ash and Front streets and occupies half of a city block. The new building, designed for LEED Gold certification, is scheduled for completion in 2023.
One of the tallest buildings in downtown and offering panoramic views of San Diego Bay, the tower will consist of 30 floors of apartments atop a six-story podium with three levels of underground parking and four levels of above ground parking, Cushman & Wakefield said in a Dec. 2 statement. Apartments will range from 577-sq. ft. studios to 1,097-sq. ft. two-bedroom units and 1,500-sq. ft. penthouses on the 35th and 36th floors.
The project is a joint venture between TCR, Pacific Life Insurance and AAA Management. The development team includes San Diego-based Joseph Wong Design Associates, San Diego-based Nasland Engineering, Pasadena-based EPT Designs and San Francisco-based Parisa O’Connell Interior Design.